CHINA: Government calls for more opening of global markets and reduced trade friction

Record ID: 562533

  • Title: CHINA: Government calls for more opening of global markets and reduced trade friction
  • Date: 14th September 2010
  • Summary: BEIJING, CHINA (SEPTEMBER 13, 2010) (REUTERS) VARIOUS OF CHINESE VICE PREMIER LI KEQIANG AND PRESIDENT OF WORLD BANK ROBERT ZOELLICK WALKING IN AND SITTING DOWN FOR CONFERENCE
  • Embargoed: 29th September 2010 13:00
  • Keywords:
  • Location: China
  • Country: China
  • Topics: International Relations
  • Reuters ID: LVA2CT2SYI1782UA5NG0TGAMCNA4
  • Story Text: China on Monday (September 13) called for further opening up of the world market, and pledged "national treatment" to foreign firms.
    Speaking at an event to mark the 30th anniversary of China's partnership with the World Bank, Chinese Premier Li Keqiang said more needs to be done for the global economy to fully recover from the worst financial crisis in decades.
    "Countries should continue to open up (their markets) and optimise their resources. Opening up, tolerance and cooperation are the compulsory choices for each country in order to develop. Only through further opening up, can we optimise resource allocations and market usage, and share the benefits the economic globalisation provides," said Li.
    Li also vowed to give "national treatment" to foreign companies operating in China.
    "We are committed to building an environment of fair competition for companies of all ownership forms and strictly protect intellectual property rights for each of these enterprises. We will also give national treatment to foreign firms legally operating in China," Li said.
    World Bank President Robert Zoellick, who also attended the ceremony, said China has begun to prepare itself to overcome the "middle income country trap", where middle income countries find themselves stuck between low wage competitors in poor countries and cutting edge innovators in rich countries.
    "To avoid these traps, China is already looking at ways to generate new sources of growth, especially from urbanization, human capital formation, and innovation policy. China's experience from a low middle income country to a high income society may also provide insights for other middle income countries," he said.
    Zoellick also said China is a good example for African countries to follow as a model of economic development.
    Last month, the value of China's second-quarter Gross Domestic Product overtook Japan for the first time, underscoring expectations that China will become the world's second-largest economy this year after the United States.
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