CHINA's President Xi Jinping reiterated China's commitment to economic openness and the global trading order, as officials close in on the first phase of a deal to end the trade war with the US, reports Bloomberg. 'China will give greater importance to imports. We will continue to lower tariffs and institutional transaction costs,' he said in a keynote speech at the start of a trade expo in Shanghai.

'We must all put the common good of humanity first rather than place one's own interests above the common interests of all,' he said.President Xi's comments are consistent with China's efforts to position itself as a champion of the global multi-lateral trading order at a time when the US is backing away from institutions like the World Trade Organisation.

He also said that China would 'open its doors only wider' to the world, a stance that helps to counter allegations of protectionism from the Trump administration.

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