China’s economy will open at quicker pace, says Premier Li

BEIJING: China’s economy will “further open itself at a faster pace,” Premier Li Keqiang vowed yesterday, a day after the US and China imposed tit-for-tat tariffs affecting goods worth hundreds of billions of dollars.

Speaking at the World Economic Forum in the eastern city of Tianjin, Li echoed President Xi Jinping’s argument for free trade made in Davos last year.

“We are now standing at a crossroads facing a choice between globalisation or deglobalisation,” Li said at the annual event dubbed the “Summer Davos.”

He then reiterated promises that China will reform its economy, improve the business environment for foreign firms, lower tariffs and strengthen intellectual property rights. These are all sore points fuelling the escalating US-China trade war.

On Tuesday, US President Donald Trump announced 10% tariffs on an additional US$200 billion (RM827.9 billion) worth of Chinese imports, effective Sept 24. China hit back with 5-10% tariffs on US goods worth US$60 billion dollars.

Li pleaded for working out globalisation-related problems through consultations.

“No unilateralism will offer a viable solution. China will further lower tariffs, after having reduced duties on drugs and other consumer goods earlier this year,” he said.

Beijing also promises to crack down on intellectual property theft, the pervasiveness of which has been harshly criticised by Washington.

“Any theft of intellectual property rights, from be it a Chinese company or foreign company will be dealt with seriously, with doubled, or even tripled and unavoidable penalties,” Li said. – dpa