"Heaven rewards the diligent", the Chinese president said, applauding his country's achievements.
China's trade surplus with the United States surged almost 20 percent in the first quarter, with some analysts speculating exporters were rushing out shipments to get ahead of threatened tariffs that are spurring fears of a full-blown trade war. The saying, meant to celebrate China's unique blend of socialism and a market-driven economy, contained another message: that China would continue to play by its own rules. Some analysts also noted that the meeting was held before recent U.S.
Chinese President Xi Jinping pledged yesterday to lower vehicle tariffs this year and take other steps to open the world's number two economy "wider and wider", addressing major complaints by the United States in a simmering trade row.
But US investors and businesses have been hearing most of these promises for at least the past two years.
Xi was merely outlining China's strategy to open up further, which had nothing to do with its trade friction with the United States, Gao said. "Xi delivered a masterful, carefully framed, conciliatory response to Trump", Collier said.
Trump praised Xi's "kind words on tariffs and automobile barriers" on Tuesday. "We will make great progress together!" he tweeted.
Trump's administration was unified in the view that U.S.jobs were endangered by what it called China's forced technology transfers and state-directed intellectual property theft, according to a White House official who watched Xi's speech.
China in a retaliatory measure, made a decision to impose additional tariff of 25 per cent on 106 products under 14 categories worth United States dollars 50 billion.
China and the USA have not held any negotiations on their bilateral trade frictions, Gao said, adding that it is not a matter of whether Beijing is willing to negotiate with Washington. "No, it sounds like STUPID TRADE - going on for years!" In that speech he framed China as the world's new champion of free trade in an implicit rebuke to Trump.
Xi earlier Tuesday pledged to open Chinese markets and lower tariffs, remarks that helped global investors breathe a sigh of relief after weeks in which Beijing and Washington appeared on a collision course. Comments by China's central bank governor reaffirming Beijing's resolve to carry through on financial reforms buoyed shares in Hong Kong and Shanghai.
One of China's key industrial policies is aimed at replacing foreign technology with domestically made components and establishing Chinese companies as global champions. He reiterated general pledges to open up financial services, strengthen intellectual property rights protection, and improve the investment climate in order to attract more foreign investment.
Washington has announced the new tariffs in response to accusations that Chinese firms are stealing the trade secrets of USA companies and forcing them into joint ventures to acquire their technology. "I think the time is gradually coming for China and the U.S. to negotiate".