MADRID (REUTERS) – China will widen market access for foreign investors and step up protection of intellectual property rights, China’s President Xi Jinping said on Wednesday (Nov 28) ahead of the G-20 meeting of world leaders in Argentina.

Speaking before the Spanish Upper House of Parliament during a two-day stop in Madrid, Mr Xi also said China planned to import US$10 trillion (S$13.72 trillion) worth of goods over the next five years.

“China will make efforts to open, even more, its doors to the exterior world and we will make efforts to streamline access to markets in the areas of investment and protect intellectual property,” Mr Xi said.

Mr Xi made no reference to US President Donald Trump, who on Monday said he expected to move ahead with raising tariffs on US$200 billion in Chinese imports to 25 per cent from the current 10 per cent.

But in a joint declaration adopted after Mr Xi’s meeting with Spanish Prime Minister Pedro Sanchez, Spain and China said they backed “an open and balanced global economy based on WTO rules, reaffirming their commitment to fighting protectionism and unilateralism”.

Two very small groups of demonstrators, one expressing opposition to China’s human rights record and one waving a”Welcome” sign, gathered outside the senate as the Chinese leader spoke.

Mr Xi and his wife Peng Liyuan earlier stood side by side with Spain’s King Felipe and Queen Letizia in the crisp Madrid winter sun outside the Royal Palace to receive full military honours from the king’s guards.

China and Spain on Wednesday signed an accord on the export of Iberian ham to China, as part of a series of deals inked during the state visit.

But Spain will not sign up to Beijing’s “Belt and Road Initiative”, a wide-ranging development strategy adopted by the Chinese government involving global infrastructure projects, a Spanish government source said.

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