Official: China-US trade talks still continuing

Vice Minister of Commerce and Deputy China International Trade Representative Wang Shouwen attends a press conference on China's domestic market and all-round opening-up for the second session of the 13th National People's Congress (NPC) in Beijing, capital of China, March 9, 2019. [Photo: Xinhua/Shen Bohan]

China's leader of the working team in the China-US trade talks says the two sides are still working fervently to achieve a deal that is beneficial to both countries.

Senoir Chinese officials addressed the media on the China-US trade talks, foreign trade and domestic consumption at on the sidelines of the on-going Two Sessions meeting in Beijing on Saturday.

Addressing the media, Chinese Vice Commerce Minister Wang Shouwen, voiced his optimism about the trade negotiations between Beijing and Washington. Wang Shouwen is China's deputy international trade representative and also leads Chinese working team in the trade talks with the US. He said imposing tariffs is detrimental to both sides, as well as the global economy. He added that he's hopeful that both China and the United States could reach a deal that is beneficial to both countries.

"The most important point is that there must be compliance with the interest of the United States and China, and with the world's expectation to reach a mutually beneficial and win-win agreement through consultation between the both countries."

Speaking on foreign trade, Commerce Minister Zhong Shan said trade volumes continued to grow in 2018, despite global uncertainties. China's imports and exports volume reached a record high of over four-point-six trillion U.S. dollars last year. Zhong Shan said they expect stable foreign trade into the country this year.

"Generally speaking, China's trade is huge in scale, but not competitive enough. We will encourage exports of high-tech, high-quality and high-value-added products, and improve our position in the global value chain. We will also encourage new trade businesses and models to develop new strength in foreign trade competition and to push forward China's shift from a big trading country to a strong one."

Commerce Minister Zhong Shan also spoke on the country's domestic market and opening up. He says domestic consumption continued to be the key driver of China's economy in 2018, contributing over 76 percent to its growth. He says the government plans to continue to implement measures to boost domestic consumption this year.

"First, we will continue to improve urban consumption and promote its upgrading; Second, we will enlarge rural consumption and facilitate the selling of products in cities, towns and villages; and thirdly, we will develop service consumption and improve service supply."

Zhong also vowed that the Ministry of Commerce will make more efforts to cultivate new drivers in promoting consumption. He said service consumption is a new driver of growth, despite some weaknesses in the sector. Consumption growth has also been noted in the culture, tourism and sports sectors, among others.