Investors' dream : China vows to open up economy

It was hardly surprising that global markets rose this morning after China pledged to “significantly” lower tariffs on imports including cars.

President Xi spoke at the Boao Forum for Asia where he attacked a ''Cold War mentality.''




In a move that investors believe will likely reduce the threat of an escalating trade dispute with the White House, Beijing pledged to protect the intellectual property (IP) of international companies and raise the foreign ownership limit in the automobile industry.

The Chinese leader's speech helped to soothe investors jitters over the threat of a looming global trade war this morning. In London, the FTSE 100 started the day up 41 points at 7,235.83 as Asian markets closed higher. On Wall Street, market futures data put the Dow Jones industrial average on course to open up by more than 300 points.




Hear the conciliatory Chinese leader:
“The humankind is faced with a new, major decision: to open up or to close off, to move forward or backward. Peace and development are the common wish for all peoples of the world.

“The Cold War mentality and the zero-sum game are only becoming outdated. Arrogance and aloofness will only get you hitting the walls in all directions.”