Chinese president says China does'n't seek trade surplus
Chinese President Xi Jinping has vowed to open further his country’s economy amid trade spat with the US.
In an address to an economic forum on the southern island of Hainan, Xi pledged to take steps to further open the world's number two economy.
He also underlined that China does not seek a trade surplus and hopes to increase imports.
In an indirect reply to the US economic demands, the Chinese president said China will take measures to liberalize automobile investment, significantly reduce tariffs on cars and protect intellectual property.
"Economic globalization is an irreversible trend of the time...The door of China's opening up will not close, it will only open wider and wider," he said to the forum.
Beijing has already imposed restrictions on foreign ownership in the auto sector forcing foreign companies to partner with Chinese firms and share their technology.
Xi said the restrictions would be liberalized and pledged "to quickly relax restrictions on foreign shareholding, especially the restrictions on foreign investment in the automobile industry".
He said Beijing would encourage Chinese and foreign companies to carry out normal technical exchanges and establish new cooperation to protect the legitimate intellectual property rights of foreign-funded enterprises in China.
Xi's speech comes as the US and China have been involved in a trade stand-off over tariffs on more than a hundred of billion of goods.This has brought the world's two largest economies to the brink of a trade war.
The spat began earlier this year after the US's decision to tax imports of steel and aluminium, followed by planned levies on $50 billion worth of goods from China over what Washington says is theft of intellectual property and technology.
In retaliation, China unveiled planned levies on $50 billion worth of major US exports, including soybeans, cars and aircraft.
Trump then threatened to impose more tariffs on $100 billion worth of Chinese goods, prompting Beijing to warn that it would stand firm and punch back with great strength.
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