China hopeful on trade and investment ahead of G20

China is hoping to see major progress made in multi-lateral trade and investment during the forthcoming G20 summit in Hamburg in Germany.

Speaking at a regular news conference, China's Commerce Ministry spokesperson Gao Feng, said he hoped all sides would fight against the pressure towards protectionism.

China's Commerce Ministry spokesperson Gao Feng speaks at the regular news conference on July 6, 2017 in Beijing. [Photo: gov.cn]

The 2016 G20 summit in Hangzhou saw an investment cooperation mechanism set up aimed at creating a long term steady commercial environment within the G20 member states.

Thanks to the joint efforts of China and Germany, experts say that mechanism has been running smoothly, and has contributed tremendously to the openness of world economy.

This year's G20 summit will be held against a backdrop of a steadily growing world economy, and yet with an anti-globalization sentiment prevailing in some Western countries.

Gao Feng said China will resolutely support the development of free trade and investment and oppose any form of trade protectionism.

"Since G20 Hangzhou summit, China has stated several times its willingness to boost the multilateral trade mechanism. We hope each side will continue to object to all forms of trade protectionism and jointly safeguard an open global trade and investment system," Gao said.

Since last year, China actively engaged with the World Trade Organization and submitted an ecommerce development draft to the WTO by the end of 2016. An anti-dumping, anti-subsidy draft and investment facilitation draft were also submitted, by April this year.

Gao Feng said several symposiums have been held within China's Ministry of Commerce, focusing on discussions of ecommerce, investment facilitation and multilateral commerce.

He expects these issues will be included in the upcoming G20 agenda.

"At this year's summit, we look forward to a positive result in multilateral trade and investment facilitation. For example, we expect the WTO's full adoption of the Trade Facilitation Agreement, further discussion of ecommerce and investment facilitation within the WTO and the 11th Ministerial Conference to be held at the end of the year," Gao noted.

Before attending the Hamburg G20 summit, Chinese President Xi Jinping paid a state visit to Russia and met with Russian President Vladimir Putin. It's the third meeting between the two leaders this year.

During Xi's visit, China's Ministry of Commerce and Russia's Economic Development Ministry made a joint statement pledging to discuss the feasibility of a Eurasian Economic Partnership Agreement.

Gao Feng said the statement covers many mutually areas of mutual concern such as investment, services and commodity trade.

"The joint statement marks an important consensus between two countries on putting into practice the China inspired Belt and Road initiative, and the Russia proposed Eurasian Economic Union plan. Now we are experiencing an increasing prospect of China-Russia economic cooperation. The statement will continue to help build a fair, transparent, convenient trade and investment environment for two countries to jointly boost regional economic development," Gao added.

Gao Feng added China and Russia will further deepen strategic collaboration in energy, nuclear, aviation, agriculture and cross-border infrastructure construction.

Gao said, with joint efforts, he believes the close bilateral political relationship between China and Russia will bring about more practical cooperation results, which will further consolidate the two countries' comprehensive strategic partnership.