EU says China could open its economy if it wishes
BEIJING China could open its economy if it wishes, European Commission President Jean-Claude Juncker said yesterday in Beijing, as Beijing comes under growing pressure over its industrial policies amid an escalating trade war with Washington.
Playing host to Mr Juncker and European Council President Donald Tusk, Chinese Premier Li Keqiang stressed the need to uphold free trade and multilateralism as the US and China become increasingly mired in a trade dispute, with no sign of negotiations on the horizon.
US President Donald Trump has warned he may ultimately impose tariffs on more than US$500 billion (S$680 billion) worth of Chinese goods - nearly the total amount of US imports from China last year - to combat what the US says are Beijing's trade abuses.
China has sworn to retaliate at each step.
Long accused of protectionist tactics that make it a difficult place for foreign firms to operate, China is trying to reverse that narrative amid the escalating trade war by approving huge investments, such as a US$10 billion petrochemicals project by Germany's BASF.
Mr Juncker, speaking at a joint news briefing with Mr Li and Mr Tusk at Beijing's Great Hall of the People, said the move showed that "if China wishes to open up it can do so. It knows how to open up".
Mr Tusk called on China, the US and other countries, to not start trade wars, and to reform the World Trade Organisation so it is equipped to combat forced technology transfers and government subsidies, complaints underpinning Mr Trump's tariffs.
"We need new rules in the areas of industrial subsidies, intellectual property and forced technology transfers, the reduction of trade costs, as well as a new approach to development and more effective dispute settlement," Mr Tusk said.
"There is still time to prevent conflict and chaos." - REUTERS
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