Date
18 October 2018
China is fully aware that economic globalization is irreversible, Vice Premier Han Zheng (seen standing, in this picture taken on March 20) said on Sunday. Photo: Reuters
China is fully aware that economic globalization is irreversible, Vice Premier Han Zheng (seen standing, in this picture taken on March 20) said on Sunday. Photo: Reuters

China vows to further open up economy, protect IP rights

China vowed on Sunday to press ahead with market opening and reforms and reiterated that it will treat domestic and foreign firms equally and protect intellectual property (IP) rights.

The pledge on reform and equal treatment came from Vice Premier Han Zheng, Reuters reports.

Han told the China Development Forum in Beijing that the country needs to “open even wider to the outside world,” and would do so via its Belt and Road Initiative, according to the report.

China is fully aware that economic globalization is “irreversible,” Han said, adding that unilateralism and trade protectionism serve nobody’s interests.

The remarks came during Han’s first public speech since he was named executive vice premier earlier this month.

Also at the forum, He Lifeng, chairman of the National Development and Reform Commission (NDRC), said China “will deepen supply-side structural reforms and work hard to eliminate ineffective supply”.

Earlier this month, the NDRC said China will cut its annual steel capacity by around 30 million tons and coal capacity by about 150 million ton this year.

China will also promote international capacity cooperation as part of its Belt and Road Initiative, and widen access to the Chinese market, including the financial, telecom and education sectors, He said.

The official added that China will “give equal protection to property rights of all ownership types by law,” and strengthen protection of IP rights.

In other comments, he said the country will enhance integration between the financial sector and real economy.

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RC

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