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People's Daily Online>>China Business

Opening up requires 'something in return'

By Wang Yanlin  (Shanghai Daily)

08:50, November 29, 2011

China will ask for something in return before it further opens up its market in response to other countries' demands, Commerce Minister Chen Deming said yesterday.

Some nations, including the United States, were not offering the same openness to China as it was giving them, Chen said at a conference in Beijing where he was elected chairman of the China Association of Enterprises with Foreign Investment.

"Chinese banks find it so hard to invest in the US, which makes it unequal when the US demands that China allow mergers and acquisitions in our financial sector," Chen said.

China offered more than it should have when it joined the World Trade Organization 10 years ago, Chen said, and it will be wiser this time.

The WTO has completed a review of China's commitments in the past decade, and the result was good, Chen said. The organization was now waiting for China to make new promises.

During the Asia-Pacific Economic Cooperation forum earlier this month, Chen said that China expected foreign countries to be more open to Chinese investors.

"Some countries say they welcome Chinese investment, but even a small bolt factory is considered 'threatening national security' and is blocked," Chen said.

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