China's opening-up measures unrelated to trade friction

BEIJING - China's continued opening-up measures have nothing to do with the ongoing trade friction with the United States.

The measures are major strategic decisions made based on an accurate estimation of China's current development level in order to lead opening-up in the new era to a higher level, said Ministry of Commerce spokesman Gao Feng Thursday.

Similarly, Chinese Foreign Ministry spokesman Geng Shuang said unequivocally Wednesday that the measures China will take have nothing to do with the trade friction.

"Anyone who has some knowledge of how the Chinese government operates will understand that the rollout of such an important decision involving all these major measures will take some time to formulate, deliberate, and improve until everything is ready. It is impossible to make such a decision at short notice," said Geng.

Geng stressed that China will continue to adhere to its fundamental national policy of opening-up and pursue development with its door wide open.

"China's door of opening-up will not be closed and will only open even wider! This is our consistent position," Geng said.

Both the report to the 19th National Congress of the Communist Party of China, delivered on Oct 18, 2017, and this year's government work report drew up guidance and plans for future opening-up efforts of the country.

Tuesday's announcement of wider opening-up measures is a solid step to implement the two reports, according to Geng.

"It was made in line with our own needs, timetable and roadmap," Geng said. "China is determined to open wider to the outside world, no matter what others do."

As of now, government officials of the two countries have never engaged in any negotiations concerning the trade friction, according to Gao.

"There are principles to follow for negotiations. The US side has not shown any sincerity to negotiate," said Gao. "Concerning the US statement, we will not only listen to the words but also watch the deeds."

China will fight till the very end if the Untied States insists on unilateralism and trade protectionism, Gao said.

While some are implementing protectionism, China's continued opening-up measures prove clearly to the world that China is embracing openness, said Niu Li, an economist with the State Information Center of the National Development and Reform Commission.

Thanks to the country's reform and opening up, overseas investment has become a crucial component of China's economy.

Foreign-funded companies accounted for nearly half of China's total exports and imports as well as nearly 25 percent of the country's industrial output, while contributing 20 percent to taxes and 10 percent of employment.

"Current conditions are already favorable for China to further widen market access, and have led to a critical window for China to continue opening up," said Niu.

The world's second-largest economy is now the biggest country in terms of industrialization, goods trade and foreign exchange reserves, said Niu.

China said Tuesday it will launch a number of landmark measures this year to significantly broaden market access.

The country will accelerate the opening up of the insurance industry, ease restrictions on the establishment of foreign financial institutions in China and expand their business scope, and open up more areas of cooperation between Chinese and foreign financial markets.

China also pledged measures, including significantly lowering import tariffs for vehicles, while reducing import tariffs for some other products, and enhancing protection of intellectual property rights.