Premier Li addresses the US economic, financial, academic and media circles

On 20 Sept local time, Premier Li Keqiang meets with prominent representatives from the US economic, financial, academic and media circles in New York. (Photos provided to chinadaily.com.cn)

When asked about China-US trade and the BIT negotiations, Premier Li said: Globalization started with trade liberalization across borders. The UK was the first one to benefit from globalization, and the US has been the biggest beneficiary from globalization. And in recent years, China has been one of the major beneficiaries from globalization too. In globalization, benefits can be shared, the comparative advantages of countries can be leveraged, and people's lives can be improved. But for anything, it is impossible for it to have just an upside without any downside. So in the course of globalization, some people may feel their interests hurt, and some sectors have lost their vested interests. Hence, there is this backlash against globalization. But I see recent developments as a hiccup in the course of globalization. On the whole, I believe as we live on the same planet, each individual has his own strength, just as each country has its own comparative advantage. So we need to complement each other. Globalization, trade liberalization and investment facilitation are the trend going forward. We need to address the downsides of globalization, but one should not give up eating for fear of choking, as a Chinese saying goes. I believe China's active efforts in the negotiations of the BIT shows China's commitment to trade liberalization and investment facilitation. In just two years, China has for three times revised its offer in the BIT negotiations. We hope the US will be equally actively engaged in the negotiations. For example, we hope the US will further ease its restrictions on high-tech exports to China. Such exports may not take up a large share in China-US trade, but its impact is a significant one. I believe that through negotiation, our two sides will be able to reach a high standard and mutually beneficial BIT.