More vaguely, he pledged further protections of foreign intellectual property and said China would expand imports.
"President Xi's remarks do not represent a dramatic departure from existing Chinese policy, but rather a reiteration of the same themes Xi has promoted throughout his tenure atop China's policy making system", said Chaoping Zhu, global market strategist at JP Morgan Asset Management.
Any easing of tension over trade will also be good news for markets around the world that have fallen recently over White House actions and threats of retaliation by China.
His comments buoyed global markets, which have been under pressure as China and the United States threatened each other with billion in tariffs and investors feared that protectionist measures would hit global economic growth.
The People's Republic will raise foreign ownership limits in the industry "as soon as possible", Xi said, and cut duties on imported vehicles. Beijing fired back with its own $50 billion list of US goods for possible retaliation.
He promised to encourage "normal technological exchange" and "protect the lawful ownership rights of foreign enterprises". But the broader backdrop is that despite gradually opening up in recent decades, China retains much higher tariffs barriers than both the United States and EU.
"Clearly, he prefers a cool-headed approach toward the dispute", said Larry Hu, a China-focused economist at investment bank Macquarie Capital.
China was open to talks with the USA, but would not initiate them under the current conditions, the person said, citing Mr Liu.
"Any escalation in trade tensions that leads to a significant fall in United States imports from China would have a sizable impact, not just on China, but on other countries such as Taiwan and Malaysia which export a lot of intermediate goods to China", economists at Capital Economics wrote in a research note. -China trade dispute. President Donald Trump continued to bash America's trade deals on Twitter, but said the US and China could settle their dispute. Without it, China can claim that WTO creates an arbitration panel. Chinese officials deny that they compel foreign companies to hand over technology.
Xi gave no details on how conditions might change, leaving unclear how he intends to mollify Washington.
The still-vague opening offer is unlikely to appease US hardliners - or even moderates in the USA business community.
Shortly, re was confirmation that China does not intend to give its arm to twist in trade dispute.
The UK auto industry also welcomed the Chinese leader's statement.
China claims the duties of 25% on imports of steel and 10% on imports of aluminium products breach global trade rules. Other automakers such as General Motors and Volkswagen that assemble vehicles in China with local partners could offer additional models.
Xi laid out five important concessions including tariffs and imports, IPR protection, attractive investment environment, market access, free trade ports with Chinese characteristics - but the US can not Reagan's famous warning 'TRUST BUT VERIFY'.
China is considering offering major concessions on trade and investment to the European Union and countries such as Japan and Mexico, the person said.
The Trump administration has also added to strains on the WTO by putting new appointments to the trade body's top court on hold.
China has been delivering "hundreds of millions of dollars" of development money to the South Pacific nation and has pledged to build a new residence for Prime Minister Charlot Salwai. "But we have a chance to make a deal on NAFTA", he said.
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