China ready to open up to foreign investment, but at its own pace, expert says
- State-led development may be adjusted, but not to suit US demands, Chinese diplomatic observer says
- Party leadership affirms key role for state-owned enterprises will continue
China will further open up its market for foreign enterprises, as Beijing and Washington are poised to sign an interim trade agreement, but the pace of reform will not be led by the United States, according to a Chinese diplomatic observer.
Wang Yong, a director of the Centre for International Political Economy at Peking University, said China was willing to consider adjusting its state-led economic development, but added it would do so in a cautious manner.
Top negotiators from China and the US, including Chinese Vice-Premier Liu He, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, were due to have a phone conversation on Friday (US time).
Chinese foreign ministry spokesman Geng Shuang said on Friday the trade negotiations were going well, but added that both sides should look for a solution based on the principles of mutual respect and equality.
Geng also dismissed suggestions that Chinese President Xi Jinping and US President Donald Trump would meet in Macau, saying it was groundless speculation.