China's imported goods, services estimated to exceed 40 trillion USD in next 15 years: Xi Jinping05 Nov. 2018 Source: Xinhua
Chinese President Xi Jinping said Monday that China's imported goods and services are estimated to exceed 30 trillion US dollars and 10 trillion US dollars, respectively, in the next 15 years.
Xi made the remarks when delivering a keynote speech at the opening ceremony of the first China International Import Expo in Shanghai.
Xi said measures announced in April to relax market access have been so far implemented. China has further simplified negative list of foreign investment, reduced investment limits and lifted the level of free investment.
China is taking solid steps to expand financial opening-up, continue to advance opening-up in the service sector, deepen opening-up in agriculture, mining, manufacturing, and accelerate the opening-up process of sectors including telecommunications, education, medical treatment and culture, Xi said.
Volkswagen has finally announced their entry in the Pakistani market, after months of speculation in the local automotive industry. The news first made headlines during the weekend that the German automaker Volkswagen has signed the final legal agreement with their local partner Pakistan Premier Motors Ltd (PML). The agreement stipulates that Premier Motors will be setting up a production plant to assemble CKD units in Karachi under license from Volkswagen. The news comes as a huge breakthrough for the country's auto sector as Volkswagen is considered one of the world's largest automobile companies globally. It should be noted that the two companies first signed a letter of intent (LOI) back in June 2017. Since then, there has been hype in the sector about German automaker's arrival. After a wait of more than a year, the German company has finally decided to bring investment and its products to Pakistan. This development is expected to contribute to the country's economy and spur more competition in the auto industry. Consumers will also have more choices than ever when it comes to which car brand they should go for. The Commercial Section, Berlin, has been actively engaged with the VW and PML for the last two years.