President Xi Jinping pledged to continue to broaden market access and expand imports amid the country’s efforts to pursue a higher quality of openness. Xi made the remark while meeting with global business leaders gathering to attend a roundtable meeting to discuss openness and win-win cooperation at the Diaoyutai State Guesthouse in Beijing to mark the 40th anniversary of China’s reform and opening-up. Foreign capital has played an important and positive role in the process of reform and opening-up, Xi said, adding that China’s door will not close, but open wider and wider. China will continue to ease restrictions on market access, create a more attractive environment for investment, take more measures to protect intellectual property, and establish an easier and more orderly environment for domestic and foreign investors, Xi said.

U.S. business delegates at the Global CEO Council included David Abney of UPS, Pfizer’s Albert Bourla, Arnold Donald from Carnival, Cargill’s David MacLennan, Hamid Moghadam of Prologis, Thomas Pritzker of Hyatt and David Soloman from Goldman Sachs. European executives included Patrice Caine from Thales, Alstom’s Henri Poupart-Lafarge, Jean-Pascal Tricoire of Schneider Electric, ABB’s Ulrich Spiesshofer, Rajeev Suri from Nokia, Herbert Diess of Volkswagen, Dieter Zetsche of Daimler, Frans van Houten of Philips, and Lakshmi Mittal of ArcelorMittal. From the Chinese side, Vice Premier Liu He, Foreign Minister Wang Yi and Chairman of the National Development and Reform Commission He Lifeng also participated. The Global CEO Council was set up in 2013 by the Chinese People’s Association for Friendship with Foreign Countries to improve the government’s ties with multinationals.

President Xi Jinping said the global economy still lacks driving forces and trade protectionism has risen. The international community is a global village, and countries should not engage in zero-sum games, he said. The President said international rules should be jointly written by all countries, and the fruits of development should be shared by all. In his speech to the business leaders, Xi also highlighted the importance of innovation-driven and green development.

Meanwhile, China is taking further measures to facilitate imports. Effective on July 1, the average tariff rate for clothing, shoes and hats, kitchenware, and sports and fitness supplies will be cut from 15.9% to 7.1%, and that for home appliances such as washing machines and refrigerators from 20.5% to 8%. The tariff rates for other products including aquatic products, processed food, detergents, cosmetics, and some medicine will also be cut substantially. Import taxes on vehicles and auto parts will be cut sharply on the same day to upgrade the auto industry. “Our initiative to boost imports demonstrates China’s commitment to a new round of high-standard opening up, to economic restructuring, and to economic transformation and high-quality development,” Premier Li Keqiang said.

More than 8,000 types of imported goods now enjoy duty-free access to the Chinese market, based on free trade agreements with 23 countries and regions. Analysts believe the intensive pro-import measures will help China meet increasing domestic demand, achieve balanced trade, and share development dividends with the rest of the world.