China urges US to not act 'emotionally' on trade

Published March 20, 2018
Chinese Premier Li Keqiang speaks during a press conference after the closing session of China's National People's Congress (NPC) at the Great Hall of the People in Beijing, Tuesday March 20, 2018. — AP
Chinese Premier Li Keqiang speaks during a press conference after the closing session of China's National People's Congress (NPC) at the Great Hall of the People in Beijing, Tuesday March 20, 2018. — AP

Chinese Premier Li Keqiang on Tuesday called on the United States (US) to not act “emotionally” and to avoid a trade war, as President Donald Trump considers new punitive measures against Beijing.

After announcing tariffs on global steel and aluminium imports, Trump is now mulling new actions against China over its “theft” of US intellectual property.

Washington has long accused Beijing of forcing US companies to turn over proprietary commercial information and intellectual property as a condition of operating in China.

But Li pledged that China “will strictly protect intellectual property rights”.

US Trade Representative Robert Lighthizer recently proposed a package of $30 billion in tariffs on China but Trump wants it to go higher, according to US media.

The US trade deficit with China ran to a record $375 billion last year but US exports to the country were also at a record.

“Nobody will emerge as a winner” from a trade war, Li told a press conference after the country's annual parliament session.

“We hope that both parties can maintain reason, not act emotionally, and avoid a trade war,” said Li, who was given a second five-year term by the National People's Congress on Sunday.

Li vowed that China will further open its huge market to foreign firms, and make it easier for companies in the services sector — such as healthcare, education and finance — to gain access.

“We will completely open the manufacturing sector. We will not allow the forced transfer of technology,” he said.

It is not the first time that Chinese officials have promised to improve access to foreign firms, but US and European companies still complain about major hurdles.

The European Union Chamber of Commerce in China summed up the exasperation last year as “promise fatigue” — a complaint that challenges Xi's image as a champion of globalisation.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Plugging the gap
06 May, 2024

Plugging the gap

IN Pakistan, bias begins at birth for the girl child as discriminatory norms, orthodox attitudes and poverty impede...
Terrains of dread
Updated 06 May, 2024

Terrains of dread

Restored faith in the police is unachievable without political commitment and interprovincial support.
Appointment rules
Updated 06 May, 2024

Appointment rules

If the judiciary had the power to self-regulate, it ought to have exercised it instead of involving the legislature.
Hasty transition
Updated 05 May, 2024

Hasty transition

Ostensibly, the aim is to exert greater control over social media and to gain more power to crack down on activists, dissidents and journalists.
One small step…
05 May, 2024

One small step…

THERE is some good news for the nation from the heavens above. On Friday, Pakistan managed to dispatch a lunar...
Not out of the woods
05 May, 2024

Not out of the woods

PAKISTAN’S economic vitals might be showing some signs of improvement, but the country is not yet out of danger....