China watching Trump policies, will defend trade rights

China will pay close attention to trade policies implemented by US President-elect Donald Trump, and will defend its rights in the World Trade Organisation (WTO), a senior Chinese official said on Wednesday.

In a campaign punctuated by incendiary accusations, Trump promised to declare China a currency manipulator on his first day in office, and threatened to slap 45% punitive tariffs on Chinese imports to protect jobs.

The Chinese official meeting in Washington, however, said the US has obligations as a member of the WTO.

TRENDING NOW

India is the most expensive stock market in the world, says V K Vijayakumar of Geojit Financial Services

Delhi Weather Update: Light rain likely in national capital, minimum temperature at 27 degrees Celsius

Delhi to host over 30 countries at Indo-Pacific Armies Chiefs Conference

PM Modi to inaugurate International Lawyers' Conference today

How you can maximise your mutual fund returns? Read to know some tricks

PM Modi to lay foundation stone of International Cricket Stadium in Varanasi today

Micron begins construction on $2.7 billion India semiconductor plan

Delta Corp asked to pay Rs 11,139 crore for payment of shortfall tax under GST

PM Modi inaugurates International Lawyers' Conference in New Delhi

Vivo T2 Pro 5G smartphone launched at starting price of 23,999

Sai Silks IPO subscribed 4.40 times on last day of bidding

Veera: 'Made in India' mobile-only internet browser unveiled

India, Japan agree to strengthen economic cooperation including achieving progress on high-speed railway project

Home Loan: Is repaying a home loan through mutual fund SIPs a good idea?

Mobile internet services to be restored in Manipur from Saturday: CM

"Definitely we have paid close attention to the remarks made by Trump during his presidential campaign," China's Deputy International Trade Minister Zhang Xiangchen told reporters through a translator.

"And we will also (be) closely observing what he will do after he takes office."

But he seemed to cast doubt on whether Trump would follow through on his threats.

ALSO READ: US elects Donald Trump as President

"I think after Trump takes office he will be reminded that (the) United States (US) should honour its obligations as a member of the World Trade Organisation (WTO)," Zhang said.

When asked if China would retaliate, he said that "as a member of the WTO, China also has the right to ensure its rights."

As for the currency issue, Zhang said economists and government officials agree China is not manipulating its currency, and "significant progress has been made" toward establishing a market-based exchange-rate regime.

US and Chinese officials meeting this week for the Joint Commission on Commerce and Trade, a forum to promote trade and investment and resolve disputes, feel strongly that the bilateral trade relationship will continue to be important "no matter how the leadership changes," Zhang said.

ALSO READ: China weakens yuan-dollar rate beyond landmark 6.8 level

US Trade Representative Michael Froman told reporters following the final JCCT meeting of the Obama administration that the relationship with China is key, but acknowledged there are "headwinds around the world about the benefits of trade and skepticism on the US-China relationship in particular."

He stressed that "the American public expects the relationship be based on a fair and level playing field, and greater reciprocity."

Commerce Secretary Penny Pritzker noted that 11.5 million Americans have jobs that depend on exports, making engagement with trading partners critical.

She said there are differences with China that President Barack Obama`s administration has fought to resolve. "What we work on is where we face an unlevel playing field."

ALSO READ: Donald Trump vows to withdraw from TPP 'on day one'