Premier Li: China supports and upholds free trade

World
Europe

10:33

Chinese Premier Li Keqiang on Tuesday called for global efforts to uphold free trade and multilateralism so as to realize world peace and global common prosperity.

Premier Li made the remarks in his speech titled "Pursuing Open and Integrated Development for Shared Prosperity" at the 44th Singapore Lecture.

Li said it is the international order based on multilateralism and free trade that has helped humanity maintain lasting peace and reduce poverty since the end of WWII more than 70 years ago.

China committed to just and fair trade

Stressing that China has always advocated just and fair trade, Li said free trade is the prerequisite of all trade.

"Without free trade, it means no trade, and then how can there be just and fair trade? Meanwhile, just and fair trade is an important basis for the continued development of free trade," Li said.

Singaporean Prime Minister Lee Hsien Loong listens during Chinese Premier Li Keqiang (not in picture) speaks at the 44th Singapore Lecture in Singapore, November 13, 2018. /Reuters Photo

He called for reform measures to the address problems that occurred during the process of globalization, but warned that those measures should not run counter to the basic rules of multilateralism and free trade, especially should not discard the current regime and start all over again.

"China is willing to discuss ways to improve free trade and promote the development of globalization with all sides," said Li.

"We also stand ready to talk about just and fair trade so as to make free trade more robust and develop at a higher level," he added.

"Fair and just trade is the foundation of free trade development."

China's remarkable achievements

China's development achievements are the result of the efforts of the Chinese people, Li stressed, adding that China wants to share developmental opportunities with its neighbors and others.

"Development is the root of China's solution to all problems," he said.

Chinese Premier Li Keqiang (R) speaks with Singapore's Deputy Prime Minister and Coordinating Minister for National Security Teo Chee Hean at the 44th Singapore Lecture in Singapore, November 13, 2018. /Reuters Photo

The Chinese premier noted that China's market has a huge potential for consumption and the country will accelerate its reform and opening up.

Li also gave an example of a good and steady trend of China's economy.

E-commerce giant Alibaba saw its sales hit 17 billion US dollars by the mid-morning of November 11 after racing to a billion dollars two minutes past midnight, seconds after the nation's annual shopping frenzy began. Last year's total was 17.7 billion US dollars.

"China's door will only open wider," he added.

South China Sea issue and ties with ASEAN countries

China hopes consultation on the Code of Conduct in the South China Sea (COC) would be finished in three years, Li said.

He noted that China firmly adheres to the path of peaceful development and wants to strengthen cooperation with the Association of Southeast Asian Nations (ASEAN).

"The Chinese often say that it is better to have a close neighbor than a distant relative," he said.

Li also said he hoped to finalize a major trade pact with 15 other countries called the Regional Comprehensive Economic Partnership (RCEP) in 2019.

China eyes stronger ties with Singapore

Premier Li expressed his wish to strengthen bilateral ties with Singapore and praised Singapore's involvement in China's reform and opening up.

"Thirty years ago, I visited Singapore for the first time, and my impression of the country is that what a modern country it is. This is my first visit to Singapore as the Chinese premier, and I am happy with Singapore's achievements during these years," Li said.

He added that this visit will help to promote China-Singapore ties to a new level.

Li arrived in Singapore on Monday for an official visit and will attend the 21st China-ASEAN (10+1) leaders' meeting, the 21st ASEAN-China, Japan and S. Korea (10+3) leaders' meeting, and the 13th East Asia Summit.

(With inputs from Xinhua News Agency)