Thaindian News

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.