China vows to open markets further amid looming trade war

Chinese premier Li Keqiang has announced that the country will open its market further and both domestic and foreign firms will be allowed a level playing field. The vows sounded loud amid a global environment of an impending trade war as the US has imposed heavy steel and aluminium tariffs on imports.

Washington has declared that more tariffs worth $60 billion will be declared by the weekend targeting Chinese technology and consumer goods keeping in tune with the election promises of President Trump to take a tough stance on China and its unequal trade practices. Premier Keqiang has expressed hope that both the nations will act rationally and not act on impulses. China will, in contrast, enhance its approach to its services and other sectors of the economy and may also resort to further lowering of import tariffs. The Premier only gave a broad outline and did not dive into specifications. He stated that “China’s aim is to ensure that both domestic and foreign firms, and companies under all kinds of ownership structure, will be able to compete on fair terms in China’s large market”. Li made a special mention that despite opening the access to markets it will ensure that no technology is transferred forcefully. China will thus be a perfect protector of the IPR.

Trump administration had accused China that it has forced US companies to share or transfer their intellectual property to China for doing business on Chinese soils. China has denied the allegations. The US has restrictions on exports of products based on dual-use technology. This has worsened the situation as many Chinese firms are involved both in civil and military industries.  Li has thus expressed hope that the US will ease the tariffs on high-tech products.

 

 

 

 

 

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