China to push forward Belt and Road cooperation: minister

12 March, 2018, 09:22 | Author: Genevieve Gibbs
  • Donald Trump with Xi Jinping

Zhong Shan, Commerce Minister of the People's Republic of China, said it during the session of the National People's Congress, Reuters reports.

China, however, wants to prevent the trade conflict with Washington from escalating, with the Asian power eager to build good political relations with the United States, sources close to the matter said. China doesn't want a trade war, and will not start a trade war. "But we can handle any challenges and are determined to protect the interests of our country and its people".

"There is no victor in a trade war", Zhong said at a news conference in Beijing last Sunday.

Zhong added that the USA trade deficit with China is overestimated by about 20 percent, citing research by a panel tasked with investigating the discrepancy between the two nations' accounts of their trade balance.

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Beijing and Washington have agreed to hold talks in Beijing in the near future to discuss economic and trade matters. "Further, the tariffs would seriously impact the normal order of worldwide trade", Xinhua reported.

More than 140 countries have participated in or responded to the initiative since it was proposed by China in 2013, said the minister. The figure for February fell slightly from the previous month to US$21 billion, according to the latest data from the customs administration. -China trade deficit by $100 billion.

"We are still in talks, and we are sure that both sides will keep talking for the next step", he said.

As we reported earlier, new tariffs on aluminium import were adopted in the U.S. this week.

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The country will also work to promote the liberalization and facilitation of trade and investment along the Belt and Road, while carrying out major foreign aid projects including the Happy Home Projects, the Anti-Poverty Projects and the Health Recovery Projects, Zhong said.

In response to that, China expressed "opposition" to the tariffs imposed by the United States on the imports of steel and aluminum, saying the move will undermine normal worldwide trade order.

Mr Trump said on Saturday the U.S. was "working very quickly on a security agreement" so as not to impose the tariffs on "our ally, the great nation of Australia".

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