US should not use China as a pretext for trade protectionism

Beijing (People’s Daily) - Widespread discussions over the US-imposed 301 Investigation against China have triggered some speculation that it was their accession into the World Trade Organization (WTO) that reshaped the Chinese market leaving it less open than before, influencing the US-imposed tariffs. Analysts dismissed such speculation, saying that the US should not use China as a pretext for trade protectionism.

A spokesperson from the Ministry of Commerce said China's accession to the WTO has fulfilled all commitments and has opened up the market even more. Since joining the WTO, China has fulfilled all relevant commitments in areas of banking, securities, and insurance, helping financial sectors achieve historic an historic level of opening-up, explained Lian Ping, chief economist with China’s Bank of Communications.

Liu Junhai, director of the Institute of Commercial Law at the Renmin University of China said the initiatives and results achieved by China with regard to trade and related investment have been universally recognized.

Zeng Gang, director of banking research at the Chinese Academy of Social Sciences, said the two-way opening of China's banking industry continues to deepen and has a large number of overseas branches.

The US measures against China is typical trade protectionism, a cold War mentality, and they shouldn’t use China as an excuse.

It was reported China's trade import business progressed smoothly while going beyond expectations.

Minister of Commerce Zhong Shan said China will continue to adhere to reform and opening-up as the nation supports economic globalization and trade liberalization, and while actively pursuing a shared global destiny.

A deputy research director for China WTO studies believes a more open China will provide greater stimulation for the world's economy.

However, the American unilateral action not only runs contrary modern trends, but only allows for them to take one step at a time.