Opening up requires 'something in return'
By Wang Yanlin |
November 29, 2011, Tuesday
|
Print Edition
Print Edition
CHINA will ask for something in return before it further opens up its market in response to other countries' demands, Commerce Minister Chen Deming said yesterday.
Some nations, including the United States, were not offering the same openness to China as it was giving them, Chen said at a conference in 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.
China offered more than it should have when it joined the World Trade Organization 10 years ago, Chen said, and it will be wiser this time.
The WTO has completed a review of China's commitments in the past decade, and the result was good, Chen said. The organization was now waiting for China to make new promises.
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.
Protectionism
Against the background of faltering economic performance in Europe and the US, many countries are increasingly looking to China for more trade and investment. But at the same time, China has witnessed a new wave of protectionism and had become its biggest victim.
China's non-financial outbound foreign direct investment increased 12.5 percent year on year in the first three quarters to US$40.7 billion, far slower than the pace of 34 percent in the first half of this year.
China was also a major target of trade rows. Last year, the country witnessed 64 cases of trade disputes involving capital of about US$7 billion, according to the Ministry of Commerce.
Reuters reported that Chen was planning to lead an investment delegation to Europe next year, in the hope that the crisis roiling the continent will open up some plum assets to Chinese investment.
"Next year, we will send a delegation for promoting trade and investment to the European countries," Chen was quoted as saying.
"Some European countries are facing a debt crisis and hope to convert their assets to cash and would like foreign capital to acquire their enterprises. We will be closely watching and pushing forward the progress."
Chen added: "We are willing to import more products and encourage outbound investment, since the US dollar is relatively weak."
Some nations, including the United States, were not offering the same openness to China as it was giving them, Chen said at a conference in 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.
China offered more than it should have when it joined the World Trade Organization 10 years ago, Chen said, and it will be wiser this time.
The WTO has completed a review of China's commitments in the past decade, and the result was good, Chen said. The organization was now waiting for China to make new promises.
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.
Protectionism
Against the background of faltering economic performance in Europe and the US, many countries are increasingly looking to China for more trade and investment. But at the same time, China has witnessed a new wave of protectionism and had become its biggest victim.
China's non-financial outbound foreign direct investment increased 12.5 percent year on year in the first three quarters to US$40.7 billion, far slower than the pace of 34 percent in the first half of this year.
China was also a major target of trade rows. Last year, the country witnessed 64 cases of trade disputes involving capital of about US$7 billion, according to the Ministry of Commerce.
Reuters reported that Chen was planning to lead an investment delegation to Europe next year, in the hope that the crisis roiling the continent will open up some plum assets to Chinese investment.
"Next year, we will send a delegation for promoting trade and investment to the European countries," Chen was quoted as saying.
"Some European countries are facing a debt crisis and hope to convert their assets to cash and would like foreign capital to acquire their enterprises. We will be closely watching and pushing forward the progress."
Chen added: "We are willing to import more products and encourage outbound investment, since the US dollar is relatively weak."
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