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10:41, 24-Mar-2018
Liu He: China is ready and has the ability to defend its national interests
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Chinese Vice Premier Liu He urged for concerted efforts toward maintaining the stability of China-US trade ties, in a phone conversation with US Treasury Secretary Steven Mnuchin on Saturday morning.
During their conversation, Mnuchin briefed the Chinese side on the latest developments of the Section 301 investigation report released by the US.
Liu, for his part, noted the report violates global trade rules, and is detrimental to the interests of China and the United States, as well as the whole world.
The Chinese side is ready and capable of safeguarding its national interests, said Liu, who is also a member of the Political Bureau of the Communist Party of China Central Committee, director of the General Office of the Central Leading Group for Financial and Economic Affairs and the leader of the Chinese side in the bilateral Comprehensive Economic Dialogue.
He expressed the hope that the two sides will stay rational and work together to maintain the overall stability of their economic and trade relations.
The two sides agreed to maintain communication over the issue.
Consultations, the first step in the WTO dispute
The United States launched a complaint against China at the World Trade Organization (WTO) on Friday. The country "filed a request for consultations with China at the WTO to address China's discriminatory technology licensing requirements," the Office of the US Trade Representative said in a statement.
The United States may request the establishment of a WTO dispute settlement panel to review the matter, if the United States and China are not able to reach a mutually agreed solution through consultations.
A presidential memorandum signed by Trump will target up to 60 billion US dollars in Chinese goods with tariffs, but only after a 30-day consultation period, which will start once a list is published.
Meanwhile, China's Ministry of Commerce on Friday urged the United States to "pause on the brink of a precipice" and make prudent decisions so as not to put bilateral trade relations in jeopardy.
"China will not sit idly watching its legitimate rights and interests being damaged under any circumstances," the ministry's spokesperson said, adding: "We have confidence and capability in dealing with any challenges."
(With input from Xinhua)