Trade war: President Xi says will relax trade policies, open up parts of Chinese economy

However, without naming anyone, in a veiled threat, he has warned against a 'cold war mentality'.

He made the comments at the Boao Forum for Asia.

According to Xi, Beijing will be lowering import tariffs on cars and relax certain criteria pertaining to foreign firms investing in the Chinese media.

However, Xi did not specify when the changes will take plac.

He also did not name the US directly or about the ongoing economic tussle with the latter.

Urging openness, he said, "Human society is facing a major choice to open or close, to go forward or backward."

"In today's world, the trend of peace and cooperation is moving forward and a Cold War mentality and zero-sum game thinking are outdated," he said.

"Paying attention only to one's own community without thinking of others can only lead into a wall. And we can only achieve win-win results by insisting on peaceful development and working together," he added, taking a swipe at the Trump administration's America First narrative.

On Monday, taking a swipe at China, Trump had tweeted, "When a car is sent to the United States from China, there is a Tariff to be paid of 2 1/2%. When a car is sent to China from the United States, there is a Tariff to be paid of 25%. Does that sound like free or fair trade. No, it sounds like STUPID TRADE - going on for years!"

Image: Screengrab from YouTube