China implementing more open trade strategy

BEIJING - Chinese Minister of Commerce Chen Deming on Wednesday said China will follow a more active and open strategy in international trade, expand imports while stabilizing external demand, and reject all forms of trade protectionism.

Technological innovation, trade and investment will be the engines that pull the world economy out of its current crisis, Chen said at the ongoing two-day Caijing annual conference in Beijing.

China will make active efforts to balance its foreign trade, and encourage exports based on technology, brands, quality and service while consolidating its traditional competitive edges, according to the minister.

Meanwhile, the country will enhance its capability to utilize foreign investment and at the same time strengthen the protection of intellectual property rights, he vowed.

China will also speed up its outbound investment, support multilateral trading systems and try to build more free trade zones with its trade partners, he said.

Chen's comments come after trade ministers from China, Japan and the Republic of Korea earlier this month announced the launch of trilateral free trade agreement talks.

Speaking of Chinese enterprises' overseas investment, Chen said that some Chinese manufacturers encountered difficulties in investing overseas, mainly because they do not fully understand the culture and laws of the target country, and have not found ways to better localize employment.

Chen said the ministry will provide guidance to help Chinese enterprises engage in local culture and realize common prosperity with the home country.

China's overseas investment is bound to grow in the future and will be balanced with foreign direct investment, he said.