Xi promises to open Chinese markets to investment

President Xi Jinping has promised more steps to gradually open Chinese markets to foreign investment but offered no new initiatives to ease trade tension with Washington and Europe. Xi spoke Tuesday at the opening of the second China International Import Expo. The fair is meant to mollify Beijing's trading partners by showcasing its vast and growing import market.

Xi promised to promote development "through opening up and deepening exchanges and cooperation" and to move ahead with promises to reduce restrictions on foreign investment. Beijing has cut tariffs and eased other import restrictions but none of the steps directly addresses the complaints by the US, Europe and others about restrictions on foreign companies. The expo was attended by over 3,000 exhibitors and foreign leaders including French President Emmanuel Macron, Greek Prime Minister Kyriakos Mitsotakis and Hong Kong Chief Executive Carrie Lam.