China won’t practise trade protectionism: MinisterFebruary 9th, 2009 - 12:52 pm ICT by IANS
Beijing, Feb 9 (Xinhua) China won’t resort to trade protectionism similar to “Buy America” that bans foreign products in domestic stimulus projects, a minister said here Monday.
“We won’t practise ‘Buy China’,” said Vice Commerce Minister Jiang Zengwei at a press conference. “We’ll treat domestic and foreign products equally as long as they are needed.”
The US Senate last week voted to soften but retain in the country’s stimulus plan a controversial provision, which required all public works projects funded by stimulus dollars to use only US made iron and steel.
“It’s impossible to meet a country’s market demand with only domestic products amid world economic integration … why should we turn to trade protectionism under the current situation (of global financial crisis)?” Jiang said.
About 20 percent of commodities in China need to be purchased from international markets, including industrial raw materials, farm produce and luxury items, Jiang said.