China sets to open wider to the world: Premier Li Keqiang

Chinese Premier Li Keqiang answers questions at a press conference after the conclusion of the first session of the 13th National People's Congress (NPC) at the Great Hall of the People in Beijing, capital of China, March 20, 2018. [Photo: Xinhua]

Chinese Premier Li Keqiang says the country will open its door ever-wider in the new era of reform and opening-up.

The Premier promises more market-opening and other reforms to support the move.

Premier Li made the remark at a press conference after the conclusion of the annual session of China's top legislature in Beijing.

Chinese premier Li Keqiang says the country's economy is so integrated into the global economy that closing the doors would only block China's own way.

Li adds there is still much room for China to further open up its market. 

"New changes mean further and wider opening-up. There is still vast room for opening up. For example, our import tariffs, by world standards, are at a medium level. We are willing to adopt an even more open posture, and further bring down the overall level of import tariffs, especially tariffs on some popular consumer products."

The premier says that tariffs on popular consumer goods, including medicine, will be further reduced, while tariffs on much-needed cancer drugs might be eliminated.

He also pledges to further open China's service sector to foreign investors, including nursing in senior care, as well as medical care, education and financial services. 

Premier Li says the Chinese government will strictly protect intellectual property rights and provide companies with a level playing field.

"We will fully open up our manufacturing sector and no compulsory technology transfers will be imposed on foreign investment and intellectual property rights will be protected. We aim to make the vast Chinese market a fair place for both domestic and overseas firms with all types of ownerships to compete and offer more options for about 1.3 billion Chinese consumers. This will help accelerate the upgrading of Chinese products and services and ensure quality growth."

Earlier this month, China joined the global condemnation of a U.S. decision to impose heavy tariffs on steel and aluminum.

Chinese authorities called the move protectionism disguised under the name of national security and urged the US to respect multilateral trade systems and revoke the policy.

In response to mounting fears of a trade war, Li Keqiang says there will be no winner should one happen between China and the US.

The premier says both sides should act rationally in dealing with trade frictions.

He says China and the US are highly complementary in their economies, and a stable China-U.S. relationship is in the best interest of both countries.

Li Keqiang suggests China has been seeking sustainable bilateral trade.

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

The premier adds that China will make it easier to start a business by simplifying administrative procedures and will open more industries to foreign and private competition. 

He has also revealed that China will shorten the negative list to give foreign investors more access to the Chinese market.