China urges respect as talks progress

Business | Reuters and Stella Zhai 23 Oct 2019

China and the United States have made progress in trade talks, Vice Foreign Minister Le Yucheng said yesterday, and any problem can be resolved as long as both sides respect each other.

Meanwhile, China will closely monitor the US "entity list", which has led to sanctions on several Chinese tech firms and take measures to safeguard its rights and interests, the Ministry of Industry and Information Technology said.

Earlier this month, Washington decided to widen its so-called "entities list" to include some top Chinese artificial intelligence startups such as Megvii Technology and SenseTime Group.

Firms in the US "entity list" are barred from buying US parts and components without US government approval due to national security concerns.

"We will look at the trade friction between China and the United States with an open mind and a big heart," said Huang Libin, a spokesman for the Ministry of Industry and Information Technology, although China will also closely monitor the list.

China will further open sectors including telecommunications, internet and autos to foreign investment, but at the same time, the US should respect trade rules and act with caution, Huang said.

"We will not blindly emphasize 'self-developed and controllable', and will not decouple from the development of international industries," he said.

Also, foreigners' holdings of Chinese onshore bonds has increased 391 billion yuan, or 17.77 percent, for the first six months to reach 2.2 trillion yuan, which made up 2.3 percent of total Chinese onshore bonds, according to a report by Standard Chartered.

The report pointed out that there are at least 715 overseas investors granted permission to enter the Chinese bond and foreign exchange markets.

China is seeking US$2.4 billion (HK$18.72 billion) in retaliatory sanctions against the United States for failing to comply with a World Trade Organization ruling in a case that highlights White House complaints about the global trade body.

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