Don't be emotional in trade, China tells US

We don't want to see a trade war with US, says China's premier Li Keqiang

We don't want to see a trade war with US, says China's premier Li Keqiang

"If there is one thing that will be different from the past, that will be that China will open even wider", said Li.

The Chinese economy is so integrated into the global economy that closing the doors would only block China's own way, Li said at his customary press conference at the conclusion of the annual session of China's national legislature. He made no mention of a possible Chinese response to any increase in USA import controls. Tokyo is working to set up a reciprocal official tour of China by Prime Minister Shinzo Abe and calling for Beijing to consider a formal visit by President Xi Jinping afterwards.

"Any actions and tricks to split China are doomed to failure and will meet with the people's condemnation and the punishment of history", he said, to loud applause from the nearly 3,000 parliamentary delegates.

"A large trade deficit is not something we want to see", he said.

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"There will be no mandatory requirement for technology transfers and intellectual property rights will be better protected". But Trump says Beijing has forced USA companies to transfer their intellectual property to China as a cost of doing business there.

"We hope this important means for balancing China-US trade will not be missed, because that would be missing a good opportunity for making money", he said, referring to the longstanding complaint of a large US trade deficit with China, which stood at US$375 billion at the end of past year. He is expected on Friday to announce new tariffs on up to US$60 billion worth of Chinese technology and consumer goods annually, sources told Reuters.

But they could be much broader and hit consumer products such as clothing and footwear, with a list eventually running to 100 products, this source said.

"We must further cut the red tape and simplify administrative procedures", he said. "We hope this important means for balancing China-U.S. trade will not be missed, otherwise we will lose a chance to make money".

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The Premier said China will open up to the rest of the world.

Mr Li also ruled out the possibility of any systemic financial risks derailing the world's No. 2 economy, saying that the fundamentals of the Chinese economy are sound and the financial sector is stable.

China aims to expand its economy by around 6.5 percent this year, the same target as in 2017, which it handily beat. The Chinese premier also mentioned that this year marks the 40th anniversary of the peace and friendship treaty between the two countries, and said that mutual visits by leaders would help rapprochement efforts.

China is ready for denuclearization talks with North Korea to continue. China says it is committed to enforcing United Nations sanctions but that all parties need to do more to reduce tensions and restart talks.

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