Amid looming trade war with US, President Xi promises to open China's auto, insurance sector

Even as the world braces for a trade war between the US and China, President Xi at a forum in Hainan province said he is ready to open China's economy further.

Xi said China would raise foreign ownership limit in the automobile sector "as soon as possible".

On Sunday, US president Trump had taken to Twitter to highlight the imbalance of trade between China and the US while targeting tariffs on auto imports. The US president termed China's auto policy as "stupid trade".

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"This year, we will considerably reduce auto import tariffs, and at the same time reduce import tariffs on some other products," Xi informed the delegates at the forum.

"When a car is sent to the United States from China, there is a tariff to be paid of 2 1/2%. When a car is sent to China from the United States, there is a tariff to be paid of 25%. Does that sound like a free or fair trade? No, it sounds like stupid trade - going on for years!" President Trump had tweeted.

The Chinese president added that the country will ensure wider access to foreign investors and speed up opening up of the insurance sector.

"Economic globalisation is an irreversible trend of the time," Xi said, adding, "the door of China's opening up will not close, it will only open wider and wider."

The US and China have been imposing trade tariffs on each other after President Trump last month announced import tariff worth $60 billion on Chinese goods entering the US.

On Monday, China had said trade talks with the United States was "impossible" under current conditions after President Donald Trump reassured markets by suggesting that the dispute could be resolved.