China’s Xi: Will promote integrated development of high-end manufacturing and modern service industries

“China will promote the integrated development of high-end manufacturing and modern service industries,” said Chinese President Xi Jinping while speaking via video at the China International Fair for Trade in Services (CIFTIS) in Beijing on Saturday per Reuters.

The policymaker also said to promote widening the market access in the service industry and promote cross-border services trade after US Commerce Secretary Gina Raimondo highlighted a lack of positive environment for the US businesses in China.

Also read: US Commerce Secretary Raimondo: Patience of US business is wearing thin, China is making it more difficult

Fears of slowing economic recovery also seemed to have pushed China’s Xi towards the announcements as he added, “China would focus on expanding the domestic market, increasing imports of high-quality services and reforming the country's basic data system.”

AUD/USD lacks clear directions

The news fails to move a need on the AUD/USD as it stays mostly unchanged around 0.6450 after posting the first weekly gain in seven.

Also read: AUD/USD ignores Aussie government’s push for more wages near 0.6450, focus on RBA, Australia GDP