Chinese President Xi Jinping gives a speech at a welcoming banquet in Seattle, Washington state on Tuesday. Photo: Xinhua
 

Chinese President Xi Jinping attends the Third US-China Governors Forum in Seattle on Tuesday. Photo: Xinhua

Visiting Chinese President Xi Jinping on Tuesday dispelled concerns over China's domestic and foreign policies and called for the world's two largest economies to correctly read each other's strategic intentions in a speech.

"We want to see more understanding and trust, less estrangement and suspicion, in order to forestall misunderstanding and miscalculation," Xi told a welcoming banquet in Seattle, Washington state Tuesday night, the first stop of his seven-day trip that will also take him to Washington, DC and New York City.

The speech covered a wide range of topics, including China's economy and stock markets, cyber security and the anti-corruption campaign.

 "Xi did not avoid any concerns of the US government in the speech. By telling stories, Xi used a more acceptable way to elaborate China's development perspective on Sino-US relations and dispel concerns," Da Wei, director of the Institute of American Studies at the China Institute of Contemporary International Relations, told the Global Times.

Da said that Xi created an upbeat tone for Sino-US relations.

Addressing concerns

Xi said that China's economy is operating "within the proper range," despite coming under pressure in recent months, and slower growth should be expected given the "complex" and "volatile" global economic environment.

"Economic and financial disputes between China and the US have increased in recent years.  The US always accuses China of interfering in the markets, and makes other negative comments on China's economy," Shi Yinhong, director of the Center on American Studies at the Renmin University of China, told the Global Times.

US Commerce Secretary Penny Pritzker said in a speech before Xi that the US government and American companies continue to have serious concerns about an overall lack of legal and regulatory consistency in China "and, more generally, the lack of a level playing field" for foreign businesses.

Xi said that the "government took steps to stabilize the markets and contain panic, thus preventing a systemic risk."

Xi also said that China "will address the legitimate concerns of foreign investors in a timely fashion, protect their lawful rights and interests, and work hard to provide an open and transparent legal and policy environment."

"Xi is trying to dispel concerns over China's economy and reassure investors. If the two countries could set a timetable for the bilateral investment treaty during the visit, it will boost market confidence and facilitate the future Sino-US trade," Da said.

Cyber crime accusations

Xi also responded to concerns over cybercrimes.

"The Chinese government will not engage in commercial theft or encourage or support such theft," Xi said. Such attacks are crimes that "must be punished in accordance with the law and relevant international treaties," he said.

"Xi's speech shows China is a staunch defender of cyber security, and rejects US accusations of hacking," said Da.

President Xi said China is ready to set up a high-level joint dialogue mechanism with the US to fight cyber crimes.

"Xi set principles for the two countries to make a breakthrough on cyber security. The new dialogue mechanism could smooth communication and cooperation, and increase mutual trust between the two countries," said Ni Feng, vice director of the Institute of American Studies at the Chinese Academy of Social Sciences.

Xi also addressed growing concerns in Asia and the US over China's construction activities in the South China Sea.

"Let me repeat: No matter how developed it becomes, China will never seek hegemony or expansion," Xi said.

He denied that China's ongoing anti-corruption campaign is a power struggle.

"There is no House of Cards," he said, referring to a popular Netflix series.

"It will require more time and effort to convince the US that China will stick to the path of peaceful development. The US should not misinterpret China's policies aimed at improving regional development as an expansion of power, as in the case of China's setting up of the Asian Infrastructure and Investment Bank," said Ni.

"Xi's visit is important and timely for Sino-US relations. But constant interaction between the two countries is needed to truly improve the relationship. Since China has taken steps, the US, as a superpower, needs to do more," said Da.