See More on Facebook

Economics

China, UK to safeguard global trade

Beijing and London agreed on Monday to continue jointly safeguarding multilateralism and global free trade.


Written by

Updated: July 31, 2018

The two countries also agreed to uphold the World Trade Organization rules during the 9th China-UK Strategic Dialogue in the Chinese capital.

The dialogue was co-chaired by State Councilor and Foreign Minister Wang Yi and UK Foreign Secretary Jeremy Hunt.

Trade liberalization is widely accepted by the international community and is an irresistible trend, and China has always stood on the right side to uphold the free trade system, Wang said when jointly meeting the media with Hunt.

“Whoever takes the unilateral approach will be isolated, which was, is and will be proved by international practice,” he said.

Wang said the two countries should resist any form of unilateralism or protectionism.

The two countries agreed to enhance strategic communication and coordination in global and regional affairs, Wang said, adding that they will promote political settlement of troublesome issues and improve reform of the global governance system.

China and the UK agreed to align their development strategies and expand trade and mutual investment, Wang said, adding that they will focus on promoting cooperation in nuclear power, finance and innovation, and expand cooperation in new industries like artificial intelligence, green energy and the digital economy.

It is Hunt’s first visit to China as well as his first trip outside Europe since he was appointed foreign secretary earlier this month.

The development and growth of China present opportunities rather than a threat to the world, Hunt said.

He said that the UK hopes to strengthen strategic dialogue with China, deepen understanding and friendship, and enhance exchanges and cooperation in various fields to promote the sustainable development of the golden era of bilateral relations.

Referring to trade friction with the United States, Wang said Beijing’s door of dialogue and negotiation remains open, and talks should be conducted on the basis of mutual equality and respect.

“We have to take countermeasures when facing the US’s aggressive attitude and infringement, and it is a legitimate defense,” he said.



Enjoyed this story? Share it.


China Daily
About the Author: China Daily covers domestic and world news through nine print editions and digital media worldwide.

Eastern Briefings

All you need to know about Asia


Our Eastern Briefings Newsletter presents curated stories from 22 Asian newspapers from South, Southeast and Northeast Asia.

Sign up and stay updated with the latest news.



By providing us with your email address, you agree to our Privacy Policy and Terms of Service.

View Today's Newsletter Here

Economics

US urged to comply with WTO ruling

The US, under Trump, has shunned several international organizations. The United States has challenged the authority of the World Trade Organization by ignoring a WTO ruling, and such a move may escalate trade tension with China, experts said on Wednesday. The WTO announced on Tuesday that the revised countervailing measures imposed by the US on imports of certain products from China were inconsistent with WTO laws. However, the US failed to comply with the WTO ruling and accused China of “using State-owned enterprises to subsidize its economy”. The WTO mechanism is what members use to settle trade disputes, and countries in most cases abide by the rulings made by the organization, said Xue Rongjiu, deputy director of the China Society for WTO Studies. “If member economies don’t follow this procedure, the rule-based global multilateral system will be damaged and thr


By China Daily
July 19, 2019

Economics

S. Korea may review military info-sharing pact with Japan

It is unclear how the ongoing trade dispute with Japan has affected the decision. A senior Blue House official said Thursday South Korea will review whether to renew a pact with Japan on sharing military information, if needed, according to a politician here. “For now, (the government) has a position to maintain it. It can be reconsidered in accordance with (relevant) situations,” Chung Eui-yong, director of Cheong Wa Dae’s national security office, was quoted by Rep. Sim Sang-jung, head of the progressive Justice Party, as saying during a closed-door meeting with politicians. Chung, during the meeting at Cheong Wa Dae, briefed the politicians on the government’s response to Japan’s tougher export restrictions against South Korea.Sim told reporters that she raised the issue of the bilateral General Security of Military Information Agreement (GSOMIA) in the meeting.


By The Korea Herald
July 19, 2019

Economics

S. Korea cuts growth outlook to 2.2%, key rate to 1.5% amid uncertainties

Japan’s export curbs had impact on drastic lowering of outlook: BOK chief. The Bank of Korea has slashed its forecast for this year’s economic growth to 2.2 percent, reflecting the negative impact of external uncertainties including Japan’s ongoing export curbs. It also carried out an earlier-than-expected base interest rate cut to 1.5 percent, embracing the monetary easing signals in the United States and other developed economies. “Considering the changes in economic conditions since the last outlook (announcement) in April, we have set the economic growth rate for this year at 2.2 percent and the consumer price inflation at 0.7 percent,


By The Korea Herald
July 19, 2019

Economics

US tourism feels trade war pinch

Chinese travel fell 5.7 percent in 2018, its first drop in 15 years.  Travelers from China are seeking alternative destinations amid the trade war with the United States, as travel industry insiders keep a close eye on the decline in the number of those visitors. China is the third-largest source of overseas travel to the US, producing 3.2 million visitors in 2017 and accounting for 8.2 percent of all overseas travel to the country, according to the US Travel Association. Travel is the top US industry export to China, generating a $29.8 billion trade surplus with the country in 2017 and accounting for 19 percent of all exports. In addition, Chinese tourists spend an average of $6,700 per trip, about 50 percent more than the average for international visitors. Chinese travel to the US fell by 5.7 percent last year to 2.9 million visitors, the first fall in 15 years, according to


By China Daily
July 18, 2019

Economics

Sino-Africa partnership holds much potential

China has increasingly looked to the continent as an integral part of its plans. Africa’s Agenda 2063, adopted by the African Union in 2013, clearly outlines Africa’s priority areas for economic growth and development, as well as the implementation plan to be achieved during the 50-year period. The framework provides a blueprint of opportunities for continued cooperation with global development partners such as China. Out of 54 African states, 53 have bilateral relations with China under the Forum on China-Africa Cooperation. China views its Africa ties as indispensable for the attainment of its Belt and Road Initiative, which was launched in 2013 as a strategic policy for global engagement. Under the auspices of the BRI, China has conscientiously made a detailed case for cooperation to facilitate a mutual development agenda between China and Africa. As of April, 37 African nations an


By China Daily
July 17, 2019

Economics

Korea says Japan’s arbitration process offer unacceptable

Seoul has taken Japan to the WTO with an official complaint. A couple of days ahead of the deadline set by Japan for South Korea to respond to its offer of a formal arbitration process over historical disputes, the office of President Moon Jae-in made clear Tuesday that it won’t accept the call. Cheong Wa Dae’s stern stance came amid Tokyo‘s threat of additional trade measures against South Korean companies. It heralds a possible deepening of the rift between the neighboring countries. “There’s no change in the government‘s position,” a senior Cheong Wa Dae official told reporters. Asked whether that means Japan’s demand is unacceptable, the official said, “Yes it is. I think that‘s clearly conclusive.” At the center of the latest Seoul-Tokyo stand-off is compensation of Koreans forced to toil at Japanese factories and mines during World War II. Korea was under Japan


By The Korea Herald
July 17, 2019