When asked about China-U.S. trade and the BIT negotiations, Premier Li said: Globalization started with trade liberalization across borders. Britain was the first one to benefit from globalization, and the U.S. has been the biggest beneficiary from globalization. And in recent years, China has been one of the major beneficiaries from globalization too.
In globalization, benefits can be shared, the comparative advantages of countries can be leveraged, and people' s lives can be improved. But for anything, it is impossible for it to have just an upside without any downside. So in the course of globalization, some people may feel their interests hurt, and some sectors have lost their vested interests. Hence, there is this backlash against globalization.
But I see recent developments as a hiccup in the course of globalization. On the whole, I believe as we live on the same planet, each individual has his own strength, just as each country has its own comparative advantage. So we need to complement each other. Globalization, trade liberalization and investment facilitation are the trend going forward. We need to address the downsides of globalization, but one should not give up eating for fear of choking, as a Chinese saying goes.
I believe China' s active efforts in the negotiations of the BIT shows China' s commitment to trade liberalization and investment facilitation. In just two years, China has for three times revised its offer in the BIT negotiations. We hope the U.S. will be equally actively engaged in the negotiations.
For example, we hope the U.S. will further ease its restrictions on high-tech exports to China. Such exports may not take up a large share in China-U.S. trade, but its impact is a significant one. I believe that through negotiation, our two sides will be able to reach a high standard and mutually beneficial BIT.
On U.S. presidential election and access to China' s insurance market, Premier Li said: I have come here to New York for UN events, but some friends told me that I am not coming at a right time, because it is the campaign season, which is the internal affair of the U.S.. So there is little I can say about this except that no matter who becomes the next president, it is important that China-U.S. relations continue to develop in a sound and steady manner. But one thing is definitely clear, that is, China is a firm defender of free trade, and we always push forward free trade under the WTO framework. This position will not change, because China, together with many other countries, has been a beneficiary of free trade. How can China give up what it has gained from? It doesn' t make sense.
Talking about China' s insurance market, it has developed for a very short time. Therefore we do lack experience, and we are taking steps to enhance and improve our regulatory structure to protect the policy holders. Every year, the elderly population in China grows by a large margin, so there is a huge insurance market in China.
In developing its insurance market, China needs to draw upon the advanced experience of foreign countries and get foreign companies involved in this process, so that this market will be one of bigger vitality and consumers will have more options and choices. I want to tell you that in the most recent revised offer that China put to the BIT negotiations, further commitments on insurance sector opening-up were made, and I believe there is great potential for China-U.S. cooperation in this respect.
When asked about the situation on the Korean Peninsula, Premier Li said: China is a firm defender of the international nuclear nonproliferation regime, and is firmly opposed to nuclear tests by the DPRK. China is committed to the denuclearization, peace and stability on the Korean Peninsula as well as a solution through dialogue and consultation.
We don' t want to see turmoil, let alone war, on the Peninsula, nor do we want to see large-scale movements of refugees or an arms race in the region. So we hope all relevant countries will work together to get the North back to the negotiating table to find a fundamental solution through negotiations to the nuclear and missile test issue.
Not long ago, the UN Security Council adopted Resolution 2270 and China voted in favor of it. Now China is implementing this resolution fully and earnestly in its entirety. I had a discussion about this issue with the U.S. leader in our meeting yesterday.
We both believe that China and the U.S. should have further communications on the situation and agree with further response from the Security Council to the latest nuclear test. China hopes that the issue can be fundamentally resolved politically through diplomatic means, as we have seen on the Iranian nuclear issue.
