Friday, 19 October, 2018

China's Li Keqiang weighs formal Japan visit by summer

China's Li Keqiang weighs formal Japan visit by summer China's Li Keqiang weighs formal Japan visit by summer
Gerardo Duncan | 21 March, 2018, 08:20

Meanwhile, Premier Li Keqiang said Tuesday that China doesn't want to see a "trade war" with the United States and hopes to reach a negotiated settlement of disputes.

Li made the revelation while mentioning improving relations with Japan at a news conference after the close of the National People's Congress session. He made no mention of a possible Chinese response to any increase in US import controls.

"We have more revenue than expenditure".

The Chinese economy is so integrated into the global economy that closing the doors would only block China's own way, Li said at his customary press conference at the conclusion of the annual session of China's national legislature. Business groups have suggested Beijing might target USA exports of jetliners, soybeans and other goods for which China is a major market. He said that would be contrary to trade rules based on negotiation and dialogue and would damage a mutually beneficial U.S.

"What we hope is for us to act rationally instead of being led by emotions".

Commerce Minister Zhong Shan said March 11 that China will "resolutely defend" its interests but gave no details.

Last week, a coalition of US business and trade lobby groups urged Trump not to impose tariffs on China, warning it would be "particularly harmful" to the USA economy and consumers. Tariffs on popular consumer goods, including drugs, will be slashed, while the much-needed anti-cancer drugs might phase in zero tariffs.

Li promised more market-opening and other reforms as Xi's government tries to make its cooling, state-dominated economy more productive. They have promised to open more industries to private and foreign competition, but business groups complain they are moving too slowly.

"If there is one thing that will be different from the past, that will be that China will open even wider", said Li.

China is capable of forestalling systemic financial risks, Li said here ruling out the possibility of such risks in the country.

As China further widens access to its markets, there will be no forced transfers of technology, and China will better protect intellectual property rights, Li told reporters.

"We hope this important means for balancing China-US trade will not be missed, because that would be missing a good opportunity for making money", he said, referring to the longstanding complaint of a large US trade deficit with China, which stood at US$375 billion at the end of previous year.

The government has yet to say how that might change conditions for automakers and other manufacturers that are required to work through Chinese partners, which requires them to share technology with potential competitors.

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