China's imports of goods, services to exceed $40 trillion in 15 years: Xi

Beijing: China's imported goods and services are set to exceed USD 40 trillion in the next 15 years, President Xi Jinping pledged Monday as he kicked off a major import fair in which India and 80 other countries are participating.

An Indian delegation led by Commerce Secretary Anup Wadhawan is taking part the first China International Import Expo inaugurated in the eastern metropolis of Shanghai. A total of 81 countries are taking part in the fair and hoping to gain access to China's tightly closed import market. China, the top global exporter, plans to become a major importer. China's imported goods and services are estimated to exceed USD 30 trillion and USD 10 trillion respectively in the next 15 years, Xi said in his inaugural address, state-run Xinhua news agency reported.

"India has built a pavilion at the expo highlighting its focus areas of agricultural products, pharmaceuticals, information technology and tourism," Prashant Lokhande, Counsellor Economic and Commerce of the Indian Embassy here said. Pakistan Prime Minister Imran Khan was among leaders of the countries who took part in the inaugural function of the Expo.

Xi said measures announced in April to relax access to Chinese market have so far been implemented.

China has further simplified negative list of foreign investments, reduced investment limits and lifted the level of free investment.

China is taking solid steps to expand financial opening-up, continue to advance opening-up in the service sector, deepen opening-up in agriculture, mining, manufacturing, and accelerate the opening-up process of sectors including telecommunications, education, medical treatment and culture, Xi said. PTI