Tuesday, 25 September, 2018

China to stick on path of reform and opening up its markets

China Charm Offensive in Former Soviet Bloc As Trump Trade War Declared Seventh 16+1 Summit takes place in Sofia
Jean Garcia | 09 July, 2018, 13:01

Li, China's No 2 leader behind President Xi Jinping, spoke in Sofia, the Bulgarian capital, during a meeting with 16 countries from central and eastern Europe, amid escalating trade battles between the U.S. and China.

The escalating fight between the United States and China meant that it could "take economic and political pain to get these two parties to the (negotiating) table", said Professor Scott Kennedy at the Centre for Strategic and International Studies in Washington.

"It is not true that we will cause division in the EU, because we understand that the European Union is important to global prosperity", Keqiang said after meeting Bulgarian Prime Minister Boiko Borissov in Sofia on July 6. "Same may say that such cooperation may separate the European Union but this is not true", he said after talks with Bulgarian premier Boyko Borisov.

The U.S. imposed 25 percent duties Friday on $34 billion worth of imports from China.

Hours before Washington's deadline for the tariffs was to take effect, U.S. President Donald Trump upped the ante, warning that the United States may ultimately target over $500 billion worth of Chinese goods, or roughly the total amount of U.S. imports from China past year.

China has promised billions of dollars for development projects in central and eastern Europe as part of its Belt and Road strategy to carve out new export markets.

"We can probably say that the trade war has officially started", said Chen Feixiang, professor of applied economics at Shanghai Jiaotong University's Antai Colege of Economics and Management.

Countries around the world were affected by the global financial crisis that started in 2008 and which led to banking crises and the so-called "Great Recession", especially in the USA and Europe, where growth has improved over the past few years.

Train derailment in Turkey causes deaths and injuries
Tekirda─č governor Mehmet Ceylan said injured people have been evacuated from the scene of the accident with helicopters. A passenger train has derailed in northwest Turkey, leading to deaths and injuries, according to local media reports.

If Europe is weakened, it will only be bad news for China, not the other way around. EU officials are in part anxious that subsidized Chinese companies will have a market advantage without reciprocal deals for European firms.

Li hurried to downplay Brussels' concerns on Friday.

Li hailed the good development momentum in the relations and practical cooperation between China and Albania, which will celebrate the 70th anniversary of their diplomatic ties next year.

CHINESE PREMIER LI KEQIANG, speaking at the Sofia summit.

Mindful of the need to keep ties with the EU on an even keel, Mr Li had been careful to stress China's support for European integration and rules in trade and procurement. It also includes discussions on maintaining global peace and stability.

Li's Europe tour is being made at the invitation of Borissov and German Chancellor Angela Merkel.

In a world of growing uncertainties, China and Europe see their interests aligned.

China and some of the 16 countries at the summit signed memorandums and agreements on economic cooperation and other issues.

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