China pledged to open economy, protect intellectual property rights

Vastavam web: China pledged on Sunday to press ahead with market opening and reforms while reiterating that it will treat domestic and foreign firms equally and protect intellectual property rights.The pledge on reform and equal treatment came from Vice Premier Han Zheng, at a time there are increasing prospects of a trade war with the United States.

China is fully aware that economic globalization is “irreversible,” said Han, adding that unilateralism and trade protectionism served nobody’s interests.Earlier this month, the NDRC said China, the world’s biggest steel and coal producer, would cut its annual steel capacity by around 30 million tonnes and coal capacity by about 150 million tonnes this year.

China will also promote international capacity cooperation as part of its Belt and Road Initiative, which Beijing considers to be a modern-day ‘silk road’, and widen access to the Chinese market, including the financial, telecom and education sectors, He said.