Highlights of Xi's keynote speech at Boao Forum

Tariffs and imports

Xi said China will significantly lower the import tariffs for vehicles and reduce import tariffs for some other products this year.

"We will take the initiative to expand imports," Xi said.

The country will work hard to import more products that are competitive and needed by the Chinese people, he said.

China will also seek faster progress toward joining the WTO Government Procurement Agreement, according to the president.

GM Cadillac CT6 V-Sport is displayed during the 2018 New York International Auto Show. [Photo/Agencies]

"China does not seek trade surplus; we have a genuine desire to increase imports and achieve greater balance of international payments under the current account," he said.

Speaking of the first China International Import Expo to be held in Shanghai this November, Xi said friends from around the world are welcome to participate in the Expo.

"It is not just another expo in an ordinary sense, but a major policy initiative and commitment taken of our own accord to open up the Chinese market," he said.

Meanwhile, China hopes developed countries will stop imposing restrictions on normal and reasonable trade of high-tech products and relax export controls on such trade with China, according to the president.