By  on November 6, 2018

BEIJING — Alibaba Group has promised to import $200 billion worth of goods from more than 120 countries over the next five years, shoring up the stance of founder Jack Ma and Chinese president Xi Jinping who both heavily criticized the trade war with the U.S.

The company said so Tuesday at the inaugural China International Import Expo in Shanghai, a weeklong event aimed at promoting international trade and was opened by Xi on Monday. In his opening speech, Xi signaled he would lower import tariffs and lower other barriers for foreign firms to do business with China, although timeline and specifics were not detailed.

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