China does not want escalated China-U.S. trade disputes: MOC

Gao Feng, spokesperson for China's Ministry of Commerce, speaks at a press conference in Beijing on May 17th, 2018. [Photo: mofcom.gov.cn]

A spokesperson for China's Ministry of Commerce says China does not expect an escalation of its trade disputes with the United States, while calling on both sides to properly manage differences through dialogue and consultation.

China's Commerce Ministry spokesperson Gao Feng says the shared interests of China and the United States have brought the two countries closer together in the 40 years since they established diplomatic ties.

"China firmly believes that healthy and stable China-U.S. relations is in the fundamental interests of the two countries and the two peoples, and is also positive for people around the world. What I want to stress is that trade and economic cooperation between China and the U.S. is driven, promoted and developed by the market. So it must be in line with the principles of a market economy. China will resolutely safeguard its own core interests, and will never trade them off," says Gao.

Chinese President Xi Jinping's special envoy and Vice Premier Liu He is currently in the United States for economic and trade talks at Washington's invitation.

U.S. Treasury Secretary Steven Mnuchin will reportedly be leading talks with Liu He on Thursday and Friday.

Gao Feng from China's Commerce Ministry urges both countries to maintain an attitude of mutual respect, and to settle their economic and trade disputes through a process of fair consultation.

He also calls on the United States to take concrete action towards a fair and reasonable outcome to the case of China's telecom equipment maker ZTE.

On Sunday, U.S. President Donald Trump said on Twitter that he was working with Chinese President Xi Jinping to find a way for ZTE "to get back into business". 

President Trump's statement comes nearly a month after the United States blocked exports of American products to ZTE.

Foreign direct investment into the Chinese mainland saw steady growth in the first four months of the year, with total inflows increasing by 0.1% to 286.78 billion yuan, or around 45 billion U.S. dollars.

And the number of new overseas-funded enterprises established in China in the first four months of the year was almost double the number recorded in the same time last year.

China's Commerce Ministry spokesman Gao Feng says China is committed to further opening of its domestic economy.

"China is willing to expand its markets to all countries around the world, including the United States. China also welcomes all foreign enterprises from around the world to do business in China, including U.S. enterprises. We hope that the United States will cancel its unreasonable trade restrictions, and treat Chinese products and investment in a fair and just manner, so as to tap into each other's complementary economic advantages," says Gao.