"This year we are planning to significantly reduce the import tariffs for vehicles, as well as for other goods," Xi said delivering a speech during the Boao Forum for Asia (BFA).
The Chinese leader added that Beijing would increase imports of goods in order to address the growing demand among other issues, which were in great demand with the Chinese nation.
"We are planning to actively promote the growth of imports. The domestic demand is the main driving force of China's economic development and is necessary for addressing the nation's growing need in a better life," Xi said delivering a speech at the BFA.
According to Xi, Chinese authorities will also take a number of steps to facilitate access of foreign investors to the market of the country, particularly in such spheres as service sector, banking sector, insurance, shipbuilding and aircraft industry among others.
The BFA is held annually since 2001. In 2018, the forum, which formally started on Sunday and would continue until Wednesday and its theme is "An Open and Innovative Asia for a World of Greater Prosperity."
It aims to develop coordination and cooperation between the Asian states, intensify dialogue and economic ties with other regions of the world, and create a platform for establishing dialogue on economic, social and other issues between officials, entrepreneurs, specialists and scientists.