At the end of Vice President Xi's five-day trip, his U.S. counterpart Joe Biden announced China had agreed to make it easier for Hollywood to distribute movies to China's expanding audiences. Xi told a business forum in Los Angeles that China would promote greater domestic demand and turn more to the United States to buy imports and send investment.
Despite recent economic slowing and persistent price pressures, Xi told the gathered business executives that China's economic momentum would not falter as some economists warn. "China's economy will maintain stable growth," he said "There will be no so-called hard landing. We will further increase imports from other countries in the light of our economic and social development and consumer demand. We will actively expand imports from the United States," Xi later told a midday meeting.
Biden, who accompanied Xi to Los Angeles, praised the Chinese Vice President's efforts to reach out to often wary Americans, but reminded him that rancor over trade imbalances and barriers had not evaporated in all the sunny goodwill. "The crux of our discussion is that competition can only benefit everyone if the rules are fair and followed," Biden told the midday reception for Xi.
The U.S. movie industry has long complained about China's restrictions on the number of foreign films allowed into the country each year, a limit that they say boosts demand for the bootleg DVDs that are widely available in China.
The agreement allows more American exports to China of 3D, IMAX, and enhanced-format movies, and also expands opportunities to distribute films through private enterprises rather than the state film monopoly, the U.S. Trade Representative's office said.
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The two vice presidents both suggested that Xi's diplomacy, deals and folksy public displays could pave the way for steadier ties between the world's two biggest economies.
Xi said that he felt from his visit that "mainstream American opinion" supports stronger ties. "I can now say that my visit has been fully successful," he said. "We've established a personal friendship and a healthy working relationship," he said of himself and Biden.