Xi's Boao speech receives warm applause

Xi's trade, tariff pledge a boon to cross-border entrepreneurs

President Xi Jinping's remarks on increasing imports and lowering certain tariffs spell a huge boon to startup firms engaged in cross-border business, said Qu Fang, founder of online community and e-commerce site Red, or Xiao Hongshu.

"The President's firm pledge to creating a more favorable investment environment and strengthening intellectual property rights protection is heartening news to young entrepreneurs, as it brings a strong sense of gain, belonging and security," Qu said.

Reaping early gains of cross-border trade, Red will play an active part in the China International Import Expo, which is scheduled to debut this November, Qu noted.

"Answering the government's call to drive economy forward by meeting domestic consumption, we will further deepen the engagement in the Belt and Road Initiative," she said.