News Worms
News Worms

China Doesn't Want a Trade War With US, Premier Declares

China Doesn't Want a Trade War With US, Premier Declares

China supports globalisation and free trade, Chinese Premier Li Keqiang said yesterday, while pledging that Beijing would quicken the pace of opening up its economy at a time of rising protectionism.

Addressing a press conference after the conclusion of the annual session of China's national legislature, Li said "diplomatic authorities of the two countries are already engaged concerning a face-to-face meeting" between the two presidents. That would increase the return on USA bonds and other financial assets, drawing more money out of China.

"No mater what bumps the China-U.S. relationship may run into, we hope this relationship will continue to move forward in the positive direction", he said.

The outspoken Republican president reserved some of his harshest campaign rhetoric for Beijing on his way to the White House, accusing China of being a currency manipulator and threatening to slap huge tariffs on Chinese imports to the US.

Before his shock election Trump repeatedly signalled he would take a hard-line with Beijing on issues ranging from trade to the South China Sea.

"But I believe that our economic performance in the past several years. should suffice to put a full stop to such prophesies of a hard landing".

The world's two most powerful men face a complex and potentially acrimonious range of discussions, including the escalating crisis on the Korean peninsular, the deployment of a controversial U.S. missile defence system in South Korea and the thorny trade relationship between the United States and China. The economy grew 6.7 percent past year.

China has cut its economic growth target this year to around 6.5 percent from its 2016 goal of 6.5 to 7 percent, while vowing to push through reforms to tackle rising debt and guard against financial risks.

Data in recent weeks has shown the economy got off to a strong start to 2017, though growth appears to still be heavily dependent on credit, infrastructure investment and the property market.

"This relationship is crucial not just for China and the U.S. but also for regional and global peace and security", he said.

Last year, the United States' deficit in trade in goods with China reached Dollars 347 million and Trump has promised to close that gap, which he has also attributed to what he calls China's rigged currency exchange policies. "We will take prompt and targeted measures to prevent them from further spreading", Li said.

Globalization and world peace, development and cooperation are inseparable, Li said, adding that closing the door and adopting beggar-thy-neighbor policies would not solve any problems.

The RMB has solid presence in the worldwide currency system and the RMB exchange rate will remain generally stable, he added. "We still have a good reserve of policy options and instruments at our disposal".


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