Doc­u­ment lays out China’s trade stance

China Daily European Weekly - - Business - Con­tact the writ­ers at jing­[email protected]­nadaily.com.cn

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.

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