No winner in China-U.S. trade war: Premier Li

There will be no winner in a trade war should one happen between China and the United States, Premier Li Keqiang said at a press conference after the conclusion of the annual legislative session.

A trade "war" would go against the principles of trade -- negotiation, consultation and dialogue, according to Li.

China hopes both sides act rationally rather than emotionally, he said.

Premier Li Keqiang holds a press conference, taking questions from domestic and overseas journalists, in Beijing, Mar. 20, 2018. [Photo: Xinhua]

Last year, China-U.S. trade reached about 580 billion U.S. dollars. Such a substantial trade volume could not have been achieved without business rules and market principles, he said.

"A large trade deficit is not something [that] we want to see," said Li. "What we want is balanced trade, otherwise bilateral trade would not be sustainable."

China is going to further open services and manufacturing, which Li believes will create opportunities for the United States.

Li hoped that the United States will also ease its restrictions on the export of its high-tech and high value-added goods to China. 

He added that intellectual property rights will be protected in a strict way.

As the world's largest developing and developed countries, China and the United States are highly complementary in economy, and a stable China-U.S. relationship is in the interests of both countries and the whole world, he said.

China will remain a responsible and long-term investor globally, Li said. "It is unnecessary to worry about China's development."