China backs WTO reforms: Chinese premier

Chinese Premier Li Keqiang on Tuesday said China supports reforms of the World Trade Organization (WTO), but reforms should not be conducted unilaterally or by creating any new organization.

He made the remarks when holding a roundtable meeting in Beijing with the leaders of six major international economic and financial institutions.

Chinese Premier Li Keqiang (C) on Tuesday meets with the leaders of six major international economic and financial institutions in Beijing, November 6, 2018. [Photo: gov.cn]

Talking about WTO reforms, Li said the organization is facing a crisis of survival. "Some of its members want to go it alone, while some want to scrap it and start all over again."

Containing unilateralism and protectionism is a common task faced by all countries and should also be a part of the WTO reforms, he said.

"China supports reforms and improvements to the existing system, increasing WTO's effectiveness while maintaining its authority," Li said.

Li pointed out that the direction of trade liberalization should continue to be followed, and the fundamental principles of the WTO, such as openness, transparency, inclusiveness and non-discrimination, should not be changed.

Reforms should accommodate the concerns of all parties, keep all parties involved, seek the largest common interests, especially safeguard the rights and interests of the developing members and serve to narrow the gap between the South and the North, Li said.