Commerce Minister warns against trade war
China is not willing to get involved in a trade war with the United States, and neither will China initiate a trade war, but it will respond to any challenge and resolutely defend the interests of the country and the people, said Zhong Shan, minister of commerce, on Sunday.[Special coverage]
Trade wars leave no winners, only disastrous outcomes for the two countries and the rest of the world, Zhong told a press conference on the sidelines of the first session of the 13th National People's Congress.
Zhong pointed out that different statistical methods widen US trade deficit with China by around 20 percent, citing the research of a joint work group tracking and comparing the two countries' trade figures.
Trade imbalance between the two countries is structural, with China exporting more commodities to the Unites States while importing more services, Zhong said, adding that trade competitiveness is determined by industries.
US control of high-tech exports to China also contributed to bilateral trade imbalance, Zhong said, quoting one US research report which estimated a 35-percent fall in trade deficit with China if the United States relaxed export restrictions.
Market access to be expanded further for foreign companies
The country will further expand the market access for foreign investment and treat foreign companies the same as domestic ones to create an even more open business environment, said Minister of Commerce Zhong Shan.
"We will further ease the market access for foreign companies and enhance the protection of intellectual property," said Zhong in a press conference during the first session of the 13th National People's Congress when responding to a question that there were complaints from foreign companies about the investment environment in China.
Zhong said the ministry will further facilitate foreign investment, including granting the pre-establishment national treatment to foreign companies and implementing the negative list management system.
