(Yicai Global) April 12 -- China will closely watch the positive signals sent by the US in response to President Xi Jinping’s speech at the 2018 Boao Forum, often referred to as Asia’s Davos, and his call for further expanding opening, said a commentary in China’s state-run People’s Daily today.
China notes the US reaction to President Xi’s remarks and hopes the United States will get back on the right track, said Su Xiaohui, deputy director of the institute of international strategic studies of China institute of international studies, in her article on the People's Daily overseas edition.
The US insists on unilateralism and causes trade frictions with China, and this would lead to serious consequences, Su, however, warned, saying the US should realize that it will have to pay a heavy price to move against the tide.
U.S. President Donald Trump tweeted yesterday that the White House has remained "very calm and calculated" on open and fair trade with China, she noted. Before this, he tweeted on April 8 that the two countries will reach a deal on intellectual property rights. Previously, Larry Kudlow, director of the National Economic Council and Trump's chief economic adviser, and US Secretary of the Treasury Steven Mnuchin insisted that there was no trade war between China and the United States, Su added.
"Expanding openness is a major strategic decision of China based on established policy goals to realize the great rejuvenation of the Chinese nation and to jointly promote the building of a community of shared future for mankind,” Su wrote in People's Daily. China adheres to fairness and justice, will never make concessions for the interests and willfulness of a single country, she added, saying China will not give in to pressure to abandon national interests and violate multilateral trading rules.
China’s President Xi Jinping delivered a keynote speech at the opening ceremony of the 2018 annual meeting of the Boao Forum for Asia on April 10, expounding China’s policies and major measures to further expand opening-up.
China plans to significantly broaden market access, create a more attractive investment environment, strengthen intellectual property rights protection, and actively expand imports. In his speech, President Xi emphasized that the implementation of the measures should be sooner than later.
Only one day later, Yi Gang, new governor of the People’s Bank of China, announced specific measures and timetable for further opening up the financial sector, which fully demonstrated China’s determination and responsibility as a big country, Su said in the article.