Xi Seeks to Allay US Business About Economic Climate in China

Xi Jinping stated that China would never engage in commercial theft and assured US business of China's economic health.

MOSCOW, September 23 (Sputnik) — Chinese President Xi Jinping has sought to reassure US business of China’s economic health, in a speech in Seattle, US media reported.

The Chinese leader arrived in the United States on Tuesday with a group of corporate executives, in his first state visit to the country.

Xi stated that foreign companies are welcome in China and vowed to keep cybersecurity on the country’s agenda, according to The Seattle Times. Beijing has recently faced an upswing in accusations by the US, claiming China is behind multiple hacking attacks on US government databases and private firms.

"The Chinese government will not, in whatever form, engage in commercial theft nor encourage or support such efforts by anyone," Xi said.

The president admitted that recent turbulence at the Chinese stock market caused widespread concern, but added the government was taking steps to prevent a "massive panic."

He made assurances that he would not attempt to boost export by further lowering the national currency exchange rate, saying his country was "against currency war," as quoted by Seattle media.

The Chinese stock market was rocked by a sharp drop in value alongside several days of government-mandated currency devaluations, in what international investors claimed was a sign of economic weakness.