China makes an energy promise to Russia

Beijing aims to continue open trade policy, says vice commerce minister

China does not plan to end its open trade policy and aims to continue buying goods from around the world, including Russian oil and gas, TASS reported on Tuesday quoting Chinese Vice Commerce Minister Wang Shouwen .

“You want me to comment on several projected trends at once,” Wang said, responding to a question from a Western reporter about China’s plans to buy energy from Russia and sell its own products to the EU and US.

« As for China, we will hold high the banner of free trade and firmly adhere to the policy of opening up, » he added. the senior official said, adding that Beijing « welcomes shipments of goods and services from other countries. »

According to data from the General Administration of Customs, China’s energy expenditure hit a record high of $8.3 billion in August, up 68 percent year-on-year.

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Wang said Beijing plans to provide even more favorable opportunities for foreign companies wishing to enter the Chinese market.

He pointed to the latest forecasts from the World Trade Organization which foresees a 5% drop in global GDP in the long term in the event of a split in the world economy.

« The negative impact of the decline will be more dramatic than the consequences of the 2008 financial crisis », Wang warned, adding that foreign trade should be an important stimulus for economic growth under the current international circumstances.

“I believe that we must abandon protectionist trade and investment measures. Barriers in these areas need to be reduced,” he added.

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