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Asian markets - hammered along with global equities by the trade row in recent weeks - rallied on Xi's speech. The announcements appeared to set a firmer timetable for implementation as Yi said the measures would be taken "in the coming months".

For example, the Chinese government had promised in November to "gradually and properly" reduce tariffs on imported vehicles, though it didn't give a specific time frame for doing so.

The statement comes in the backdrop of U.S. President Trump's stand of punishing China for "stealing American intellectual property rights" as well as correcting the imbalance in bilateral trade of goods between the U.S. and China. Trump, who has also requested reduced tariffs on cars and ending technology transfers, has threatened to levy some $150 billion of tariffs against China. Does that sound like free or fair trade.

"There's been a lot of happy talk over the past year that China is going to liberalize and change, but that happy talk has been as vague as could possibly be", Dr. Scott Kennedy, deputy director of the China Power Project at the Center for Strategic and International Studies, told The Daily Caller News Foundation before the Chinese president's speech at the Boao Forum.

Indicating a possible end to the tit-for-tat tariffs the USA and China have been imposing on each other in a "trade-war" of sorts, Chinese President Xi Jinping on Tuesday announced plans to open up the Chinese economy, including reducing tariffs for autos and other products. It was the biggest one-day percentage gain for the stock in almost two years.

The value of deals announced in 2017 fell by more than 90% from the year before, according to joint studies by the National Committee on US-China Relations and the Rhodium Group.

As seen in the chart below from Westpac Bank, China's trade surplus with the United States has ballooned over the past decade as exports to the U.S. grew substantially faster than imports heading in the other direction.

"Paying attention only to one's own community without thinking of others can only lead into a wall", Mr Xi said. "Our intention is to open markets and investments and lower barriers - that's the deal", he said.

Wang also believes China's plan to impose additional tariffs on US goods, including soybeans and pork, will have a minor influence on inflation.

The official Xinhua news agency said late on Wednesday that the U.S. tariffs proposal would cost the United States dearly.

"We will continue to safeguard the worldwide order and rules, and support free trade and the liberalization and facilitation of trade and investment", Xi said.

Central Bank Governor Yi Gang also said China would move ahead with plans to remove limits on foreign shareholdings in Chinese financial institutions.

Reporters repeatedly asked Press Secretary Sarah Sanders during Tuesday's press conference about the Chinese President's new promises to cut automobile tariffs and make improvements on protecting intellectual property in China.

The fresh sign of detente could further soothe fears that the tit-for-tat exchange of threats of new punitive tariffs on agricultural and manufactured goods could boil over into an all-out trade war, damaging the global economy.

China reported a global trade surplus of $423 billion past year - about two-thirds of that with the United States.

Private sector analysts saw Xi's speech as an overture to help end the biggest trade dispute since World War II. "Within 24 hours of the United States publishing its list, China drew its sword, and with the same strength and to the same scale, counterattacked quickly, fiercely and with determination", the paper said yesterday.