The Chinese Ministry of Commerce has held a press conference. The 90-minute event covered a wide range of issues, including trade relations with the US, Beijing's policies on inbound and outbound investment, and China's International Import Expo. CGTN's Wang Hui reports.

China regained its position as the largest trading nation last year from the US. And while trade between China and the US exceeded 580 billion US dollars in 2017, we've also seen frequent trade frictions between the two.

Recently, the US decided to impose extra tariffs on imported steel and aluminum products, with exemptions for Canada and Mexico. This met strong opposition from many members of the World Trade Organization, including China, the European Union, and Russia. Beijing vowed to take powerful measures to protect its legitimate rights. All this friction has increased people's concerns of a trade war breaking out. The Chinese Commerce Minister voiced China's stance during the press conference.

ZHONG SHAN CHINESE MINISTER OF COMMERCE "I'd like to point out that there will be no winners from trade wars. It will only bring disaster to China and the US and the rest of the world. China doesn't want a trade war and won't be the one to start a trade war. But we are able to deal with any challenges. We will firmly safeguard the interests of the country and the people."

This year marks the 40th anniversary of China's reform and opening up policy. In the next five years, China's imports are expected to be valued over 10 trillion U.S. dollars. To provide more access to China's huge market, China is going to host its first International Import Expo in Shanghai from November 5th to 10th.

ZHONG SHAN CHINESE MINISTER OF COMMERCE "This expo is a major decision by the Central Committee of the Party, aimed at promoting high-quality opening-up. It's an initiative by China to open up our market to the rest of the world. It also serves to support economic and trade globalization."

The expo will hold multiple forums, as well as showcases on national image and trade in both services and goods.

WANG HUI BEIJING "During the Two Sessions, Chinese Premier Li Keqiang suggested in the government work report that, to form a new pattern of comprehensive opening up, China should facilitate cooperation under the Belt and Road Initiative, and a stable increase of inbound investment. Li also said China should consolidate stable and sound development of overseas trade, and push free trade and facilitation measures. Wang Hui, CGTN, Beijing.