Chinese PM promises more imports and low tariffs

China will lower import tariffs and continue to broaden market access, President Xi Jinping said on Monday at the opening of a week-long trade expo seen as an attempt by Beijing to counter mounting criticism of its trade and business practices.

Earlier in a trade war the United States, has imposed tariffs on $250 billion worth of Chinese goods so far. China has retaliated with $110 billion worth of tariffs on U.S. goods.

Xi also promised to accelerate opening of the education, telecommunications and cultural sectors, while protecting foreign companies' interests and enhancing punitive enforcement for infractions of intellectual property rights.

The Nov. 5-10 China International Import Expo, or CIIE, brings thousands of foreign companies together with Chinese buyers.

"CIIE is a major initiative by China to pro-actively open up its market to the world," Xi said.

U.S. President Donald Trump has railed against China for what he sees as intellectual property theft, entry barriers to U.S. business and a gaping U.S. trade deficit. No senior U.S. officials were set to attend the Shanghai event.

Xi said the import expo showed China's desire to support global free trade, adding that countries of the world must pursue open policies and oppose protectionism.

He said "economic localization is facing setbacks, multilateralism and the free trade system is under attack, factors of instability and uncertainty are numerous, and risks and obstacles are increasing."

China expects to import $30 trillion worth of goods and $10 trillion worth of services in the next 15 years, Xi said.

China imported $1.84 trillion of goods in 2017, up 16 percent, or $255 billion, from a year earlier. Of that total, China imported about $130 billion of goods from the United States.

Trump is expected to meet Xi this month, but has said that if a deal is not made with China, he could impose tariffs on another $267 billion in Chinese imports into the United States.