Government plans to reform foreign investment law

China's Minister of Commerce Gao Hucheng (center) takes questions from journalists at a news conference during the ongoing two sessions in Beijing, March 7, 2015. [Wang Jing/ chinadaily.com.cn]

China has confidence, ability to sign FTAs with the world

China's free trade agreement (FTA) talks with Australia indicates that China has the confidence and ability to develop the talks with countries and regions around the world, said Gao Hucheng, Minister of Commerce, on Saturday at a press conference.

Australia is an important trading partner of China, and the country's market access rules, investment and trading codes, the related standards and all the management systems are almost the same as the developed countries in the west.

China has until now signed FTAs with 20 countries and regions around the world, covering nearly 30 percent of the country's foreign trade.

Based on the newly initiated China-ROK FTA, China will accelerate the FTA talks between China, Japan and the Republic of Korea (ROK).

Gao said the upgraded talks on China-ASEAN FTA will be the most important one in 2015.

'US case against export subsidies ill grounded'

The allegation filed by the US against China's export subsidies is ill grounded, said Minister of Commerce Gao Hucheng at a press conference on Saturday.

Gao added that the country respects World Trade Organization rules and will resolve the matter properly through dialogues or dispute settlement mechanism.

The comment came after the Office of the United States Trade Representative lodged a case at the WTO in February, claiming that the Chinese government offers export subsidies to industries ranging from agriculture to textile through "demonstration bases" and such support was illegal in international law.

Trade frictions can be seen as a "new normal" for China, as it is now the biggest goods trader, and should be resolved with a "common heart", said the minister.

"Dialogues among stakeholders have the highest priority," said Gao, adding that no industry or product can protect its own with trade remedy, and there have been many successful precedents where trade disputes were resolved through dialogues and negotiations.

Gao said photovoltaic products encounter the same issue as the US has repeatedly took remedy measures, launching anti-dumping and countervailing duty investigations and increasing the tariff, while the US exports a large amount of polycrystalline silicon to China.

"We believe all WTO members should take cautious measures regarding the trade remedies, which should only act as the last resort once dialogues fail," said Gao.

'One Belt One Road' headed for critical juncture

The Silk Road Economic Belt and 21st Century Maritime Silk Road initiative will reach a critical stage of implementation with over 50 countries already expressing interest in taking part this year, China's Minister of Commerce said on Saturday.

Minister Gao Hucheng said China has already held a lot of discussions with countries along the routes over various projects, some of which are in the process of implementation, others still being planned.

"I believe that 2015 will provide the development of the 'One Belt One Road' initiative with a great start," said Gao.

The minister said that although the "One Belt One Road" is an initiative primarily raised by China, it is fundamentally open and inclusive in nature.

"Any interested countries, regions and regional organizations can take part following the principles of consultation and co-development," he said.

In November last year, China pledged $40 billion to set up a Silk Road fund to improve connectivity across Asia by investing in infrastructure, resources and industrial and financial cooperation, among other projects.

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