Document lays out China’s trade stance
White paper warns that US actions risk global economic woes
“Trade tensions are starting to bite and are already having adverse effects on confidence and investment plans,” says OECD Chief Economist Laurence Boone. “Trade growth has stalled, restrictions are having marked sectoral effects and the level of uncertainty on trade stances remains high.”
China’s white paper said the country’s door will not be closed, but increasingly opened wider, reiterating that the country has not forced foreign companies to transfer their technologies.
In 2017, China’s total spending on research and development hit 1.76 trillion yuan ($256 billion; 217 billion euros; £217 billion), ranking second globally, said the white paper.
Mei Xinyu, a researcher at the International Trade and Economic Cooperation Institute of the Ministry of Commerce, says: “It is necessary for China to continue reforming the domestic economic system. Only in this way can we effectively shift the momentum of economic growth to be driven by indigenous innovation and domestic demand.”
Addressing trade friction with the US and bilateral tensions will remain a long-term issue, he adds.