Xi's Boao speech receives warm applause

Xi speech sends positive message on China reform, opening up

President Xi Jinping's speech sent a positive message of China's intention to further reform and open its economy, which will help address worries about rising trade conflicts, Hans-Paul Bürkner, chairman of the Boston Consulting Group, said on Tuesday.

"The speech was remarkable because it clearly emphasized China's intention to further reform and open up not only in the service sector but also in other areas," Bürkner said.

Bürkner said that China's pledge to further open its economy will increase investment opportunities in the country and will help accelerate the process of it becoming a high-income country.

"I think it is a very good signal and will certainly help address the worries people around the world have that there could be trade conflicts and even a trade war," he said.