China remains staunch supporter of free trade: FM

China's Foreign Minister Wang Yi said that China will remain a firm supporter of free trade, regional cooperation, and the economic integration of the Asia-Pacific region.

He made the remarks while commenting on China's stance towards the Comprehensive Progressive Trans-Pacific Partnership on the sideline of the ongoing Two Sessions or Lianghui in Beijing.

The Comprehensive Progressive Trans-Pacific Partnership is due to be signed on March 8 in Chile, and is expected to take effect in 2019.

Chinese Foreign Minister Wang Yi answers questions on China's foreign policies and foreign relations at a press conference on the sidelines of the first session of the 13th National People's Congress in Beijing, capital of China, March 8, 2018. [Photo: Xinhua]

11 countries have committed to signing up to the agreement. Negotiations on the agreement continued despite the US falling out of the original Trans-Pacific Partnership after Donald Trump became president in 2017.

China will not be a signatory to the new Trans-Pacific Partnership. However, China's Foreign Minister Wang Yi said that China has been and will remain a firm supporter of free trade.

China helped facilitate the launch of the Asia-Pacific Free Trade Area at the annual APEC Economic Leaders' Meeting in 2014, and is an active participant in the Regional Comprehensive Economic Partnership.

"Be it the RCEP or CPTPP, we hope to see better communication, coordination, and interaction between the various free trade initiatives in our region so that they will complement one another, help resist trade protectionism, and contribute to a more open global economy."

In 2013, Chinese President Xi Jinping proposed the Belt and Road Initiative.

The Initiative is expected to support efforts towards greater globalization.

On Thursday, Wang Yi dismissed the suggestions from some commentators that the Belt and Road Initiative lacked openness and transparency. 

"The planning and implementation of Belt and Road projects has been openly discussed by participants. No country is dominating the process. All parties have an equal say. There are no backroom deals and everything is transparent. There's no winner takes all. Every project delivers win-win results."

The minister also dismissed suggestions that plans by the US, Japan, India, and Australia to establish a regional infrastructure scheme known as the Indo-Pacific Strategy was a countermove to the Belt and Road. 

"Contrary to the claims made by some academics and media outlets that the Indo-Pacific Strategy aims to contain China, the official position of the four countries is that it targets no one. I hope they mean what they say, and that their action will match their rhetoric. As to the relationship between the Indo-Pacific Strategy and the Belt and Road Initiative, let's not forget that the Belt and Road Initiative has received the support of more than 100 countries. People looking to start a new Cold War are out of step with the times. And inciting confrontation will find no market."

Meanwhile, Wang Yi also shed light on US-China trade frictions, saying that as the first and second largest economy in the world, the two sides should find a mutually beneficial solution, as their interests are highly intertwined.