Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

China's premier says U.S. ties will develop no matter who wins election

Published 09/20/2016, 10:46 PM
Updated 09/20/2016, 10:46 PM
© Reuters. Chinese Premier Li Keqiang speaks during a High Level Leaders meeting on Refugees on the sidelines of the United Nations General Assembly at United Nations headquarters in New York

By David Brunnstrom

NEW YORK (Reuters) - China and the United States will keep developing positive relations no matter who wins November's U.S. presidential election, Chinese Premier Li Keqiang told an economic forum in New York on Tuesday.

Li declined to comment on which candidate he favored.

Republican Donald Trump has threatened to slap tariffs on Chinese goods and push for tougher trade talks if elected. His Democratic rival, Hillary Clinton, has changed tack on trade, backing away from a Pacific trade pact she previously endorsed.

Both candidates have been critical of China's assertive pursuit of territory in the South China Sea, a potential flashpoint in Asia and a cause of significant friction in relations between Washington and Beijing.

Li, who was attending the U.N. General Assembly in New York, said the U.S. election was an internal affair for the United States, so what he could say was very limited, but he went on to remark:

"No matter who gets elected in the U.S. presidential election, I believe that China-U.S. ties will continue to grow steadily and in a positive direction."

Li responded to complaints from foreign business leaders about restricted access to the Chinese market by saying that China was open to foreign investment, although some economic sectors were not yet mature.

"This process of them becoming more mature is also a process for them to open up and the areas of the Chinese economy open to foreign investment will only increase and China will only open its door even wider. The door will not close," he said.

Referring to a U.S.-China Bilateral Investment Treaty that has been long in negotiation given disagreements about access to sectors the sides deem sensitive, Li said as long as both countries took a strong and pragmatic approach, they would be able to reach a mutually beneficial agreement.

As an example of China's willingness to open up its markets, Li said China had decided to designate a Chinese investment bank as a clearing bank for renminbi business in New York and welcomed foreign banks in the city which met eligibility requirements to become clearing banks for the currency.

He also said China would soon allow imports of beef on the bone from the United States, now that Chinese quarantine procedures had been completed.

Li pledged that China would not engineer a devaluation of its currency to boost exports for its economy, which is growing at its slowest rate in two decades. Some critics in Washington have charged that Beijing is still manipulating its currency, although the U.S. Treasury says its assessment is that it is not undervalued.

China's economy will continue its growth momentum this year, Li said.

"I can say here that in the third quarter of this year, or until the end of this year, China's economy will maintain this momentum of steady growth."

© Reuters. Chinese Premier Li Keqiang speaks during a High Level Leaders meeting on Refugees on the sidelines of the United Nations General Assembly at United Nations headquarters in New York

China's growth target for this year is 6.5 to 7 percent. In the second quarter of this year, the world's second-largest economy grew 6.7 percent from a year ago, according to official data.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.