China's Xi Calls for More Opening Of China's Market

Foreign companies would gain more access to the Chinese financial and manufacturing sectors based on statements made by Chinese President Xi Jinping at the Boao Forum, a government-backed gathering of business and political leaders.Accelerating access to the Chinese insurance sector, expand the permitted business activities for foreign financial institutions and reduce tariffs on imported automobiles were among the changes Xi said were in the pipeline. "In a world aspiring for peace and development, the Cold War and zero-sum mentality look even more out of place.” Xi stated. "Putting oneself on a pedestal or trying to immunize oneself from adverse developments will get nowhere." Markets welcomed the comments as they did not up the rhetoric between the U.S. and China.