There was never any doubt that the 1st China International
Import Expo would be huge, with Shanghai sparing no effort and
expense to prepare the city – including the closing of
schools and government offices during the first two days. But what
was highly anticipated, was the keynote speech of Chinese president
Xi Jinping.
In his speech, President Xi committed to grow import of goods to
USD 30 trillion over the next 15 years, and import of services to
USD 10 trillion. But more important than the numbers were his
commitments to tackle the challenges that foreign companies face to
protect their intellectual property rights in China; the promise to
further open certain sectors of the Chinese economy to foreign
investment; reducing tariffs and "institutional costs" of
imports; and perhaps most surprisingly, stepping up
cross-border-commerce.
