(Yicai Global) April 12 -- President Xi Jinping's decision to bring in new measures to open up China’s economy was based on the country’s current level of development and was unrelated to the ongoing trade spat with the US, says China’s commerce ministry.
“China’s opening up is based entirely on its own initiative to let all countries enjoy the opportunities of China’s rapid development. We hope that some Americans do not misjudge the situation,” said Gao Feng, the ministry’s spokesperson, at a press conference held today in Beijing.
The US appeared optimistic following the president's speech at the Boao Forum, China’s answer to the Davos World Economic Forum, which concluded yesterday.
“Certainly we are encouraged by President Xi’s words," White House Press Secretary Sarah Sanders said at a regular press briefing, "But at the same time, we want to see concrete actions from China, and we’re going to continue moving forward in the process and in the negotiations until those things happen.”
Saunders also said that these commitments marked “a step forward in the right direction” but are not enough to stop President Trump from considering imposing tariffs on USD150 billion worth of imported products from China in order to penalize China for violations relating to intellectual property rights.
There have not been any negotiations on the China-US economic and trade frictions, Gao said, emphasizing that it was not because China is unwilling to negotiate, but it is due to the lack of desire on the US side.
China must follow the principals of negotiations, Gao added. The future likelihood of the two sides negotiate under the World Trade Organization’s framework depends on whether the US still respects the WTO regulations and complies with multilateral rules. If the US persists with unilateralism and trade protectionism, China will fight resolutely to the end, he said.