Chinese president says he will open the country to greater international competition

CHINA (OBSERVATORY) –┬áChinese President Xi Jinping said he would open sectors of his country’s economy to greater international competition, especially in the financial services and automotive manufacturing sector.

In a speech to an annual economic forum in Henan province, Xi Jinping said tariffs for overseas imported cars would be reduced this year and the requirement to establish joint ventures with Chinese partners for car companies investing in China could be removed.