situation report

Jun 28, 2019 | 15:15 GMT

1 min read

China: Xi Announces New Measures to Open Economy

What Happened: Chinese President Xi Jinping is planning new measures to open up a number of the country's sectors, establish six new free trade pilot zones, further lower tariffs and update its "negative list" — which restricts investment in certain sectors — to boost foreign investment, the People's Daily reported June 28.

Why It Matters: China is broadcasting its commitment toward a more open market in the face of trade pressures from the United States and mounting concerns from foreign investors. The new measures also demonstrate Beijing's commitment to importing more products in the agricultural, pharmaceutical and manufacturing industries.

Background: The new negative list, which will be released in late June, will maintain restrictions on 48 sectors, including agriculture, oil and natural gas, automotive, finance, and others. In 2018, Beijing also lowered tariffs on a broad range of agricultural, pharmaceutical, manufacturing and other products for some countries but maintained or increased tariffs on the United States amid their trade war.

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