China expects world’s ‘return gesture’ for opening upNovember 29th, 2011 - 3:51 pm ICT by IANS
Beijing, Nov 29 (IANS) Beijing wants “something in return” from other countries, including the US, for further opening up its market for their products.
According to Chinese Commerce Minister Chen Deming, China will ask for something in return before it further opens up its market in response to other countries’ demands, the Shanghai Daily reported.
Some nations, including the US, were not offering the same openness to China as it was giving them, said the minister during a conference in the capital city Beijing where he was elected chairman of the China Association of Enterprises with Foreign Investment.
“Chinese banks find it so hard to invest in the US, which makes it unequal when the US demands that China allow mergers and acquisitions in our financial sector,” Chen said.
He said China offered more than it should have when it joined the World Trade Organisation (WTO) a decade ago and it will be wiser this time.
The WTO was now waiting for China to make new promises, said Chen, adding that the organisation had completed a review of China’s commitments in the last decade and the result was good.
During the Asia-Pacific Economic Cooperation forum earlier this month, Chen said that China expected foreign countries to be more open to Chinese investors.
“Some countries say they welcome Chinese investment, but even a small bolt factory is considered ‘threatening national security’ and is blocked,” Chen said.
In the wake of faltering economic performance in Europe and the US, many countries are increasingly looking to China for more trade and investment, the report said.
- China blames US for trade imbalance - May 03, 2012
- India-China agree to have 5-year economic cooperation plan - Aug 27, 2012
- BRICS Summit: China agrees to prioritise import of more value-added products from India, Brazil - Apr 13, 2011
- India-China meet on trade and market access - Aug 26, 2012
- BRICS to work together at G20, WTO - Mar 28, 2012
- 15 percent of world trade should be Chinese: Minister - May 08, 2012
- China may see 10 percent foreign trade growth - Jun 11, 2012
- Extremely unreasonable for Russia to be excluded from WTO: China - Apr 14, 2011
- China issues first white paper on foreign trade - Dec 07, 2011
- $189 mn of China's imports MoUs between Indian and Chinese firms - Aug 27, 2012
- BRICS countries' ministers hold meeting - Apr 13, 2011
- Raul Castro secures cooperation commitments in China - Jul 06, 2012
- China's catering sales booming - May 29, 2012
- Mexico complains to China about unfair trade practices - Sep 30, 2011
- Important for China to communicate with US: Hu - Nov 13, 2011
Tags: , , , , , , , , , , , , , , , , , , ,