President Xi Jinping has promised to cut Chinese tariffs on car imports and and ease restrictions on foreign ownership in its car industry amid an escalating tariff spat with Washington.

In a speech on Tuesday at a business conference, Mr Xi made no direct mention of the dispute with President Donald Trump but pledged to open China's markets further and improve conditions for foreign companies.

Mr Xi said Beijing will "significantly lower" tariffs on car imports this year and ease restrictions on foreign ownership in the car industry "as soon as possible".

He also promised to expand protection of intellectual property - an issue high on the list of US demands - as he ushered in a "new phase of opening up" during the Boao Forum for Asia, his country's answer to Davos, with a swipe at Mr Trump's America First policy.

“Human society is facing a major choice to open or close, to go forward or backward,” he told hundreds of investors gathered on the resort island of Hainan.