Protectionism never works: British trade secretary

HONG KONG - British International Trade Secretary Liam Fox said here Wednesday that protectionism does not work, while an open trading environment is needed for the growth of global economy.

"Protectionism restricts our ability to trade with one another. If you want prosperity, stability and security, the best route is through an open rules-based global trading system," Fox told Xinhua in an interview at the Great Festival of Innovation, which is being held in Hong Kong, when asked about his view towards the trade protection measures taken by the United States recently.

"Protectionism never works and we have a WTO system that Britain profoundly believes in, in terms of being the basis and the rules for free trade," he said, adding that, ultimately, an open trading system is much better than any protection mechanism.

Fox said that Britain is looking for a strong and healthy relationship with China in trade and investment, noting that in the past year, Britain's exports to China went up more than 25 percent, which was a big improvement.

"It's very welcome that we see Chinese foreign direct investment into the UK, but I also want to see UK investment into China, I want to see our companies being able to play a full part in the economy," he said.

Talking about cooperation between China and Britain in regards of technology development, Fox said that Britain can work in a very collaborative partnership with the availability of Chinese capital.

Organized by Britain's Department for International Trade, the four-day festival offers a series of seminars, forums and workshops, in which attendees can discuss the latest trend of new technology, as well as the new fashion of people's work and life in the future.