China vows to keep opening economy to foreign firms
By Xiao Xinxin
People's Daily app
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A trade war fails to solve any issues and brings harm to all parties, Chinese Ministry of Foreign Affairs spokesman Geng Shuang said at a media briefing on Wednesday.

Geng reiterated China’s firm stance on moving forward with its reform and opening-up policy, and promised a more friendly investment environment, amid concerns expressed by foreign firms over the impact of trade friction on China’s market admission and business restrictions.

Jacob Parker, the vice-president of the China’s operations at the US-China Business Council (USCBC), alleged on Tuesday that China is delaying approving business license applications from US companies in financial services and other sectors until progress is made in a trade dispute, citing his group’s conversations with Chinese high-level officials.

Geng denied Parker’s allegation, and said in a statement that talks and negotiations with equality and mutual trust are the only approach to resolving the trade quarrel. Facing US unilateralism, China will firmly resort to necessary countermeasures to guard its own legitimate rights, and keep ready to help international companies operating in China, added Geng.

Geng said nearly 30,000 new foreign branches opened in China in the first half of the year, marking a year-on-year growth of 96.6 percent. Exxon Mobil Corp, the biggest oil company in US, announced last week it wouldinvest $10 billion in China’s southern province of Guangdong for oil projects.

German chemical group BASF promised to invest the same amount this summer to build a petrochemical industrial park in Guangdong. In addition, international firms such as BMW and Tesla are scrambling to expand capacity and investment in China, Geng said.

These figures solidly show China’s open attitude, and that China desires to share opportunities and benefits with foreign businesses, Geng said.

(Compiled by Bai Yuanqi)