China's top political advisory body starts annual session

Michele Moreno
March 5, 2018

"For the constitution, it follows the same practice regarding the term of the president", Zhang said at a press conference preceding the opening of China's annual parliamentary session.

"As to the global order, we have no intention of overthrowing everything for starting over again", Zhang said.

"China does not want a trade war with the United States but if the United States takes actions that hurts China's interests then China will not sit idly and take necessary measures", Zhang said.

As Bloomberg writes in an article "China Political Advisers Urge Response to U.S. Tariffs", during the two-week session, the rubber-stamp parliament is expected to enact sweeping changes that would allow President Xi Jinping to rule indefinitely and give him greater control over the levers of money and power.

How much China spends on its armed forces is closely watched around the region and in Washington for pointers about the country's broader strategic intentions amid an impressive modernisation programme that has included developing stealth fighters, aircraft carriers and anti-satellite missiles.

The Two Sessions are an opportunity for the world to see if China will further open up and push globalization or - like so many other countries across the world. - retreat into protectionism, isolation and autocracy. The U.S. goods trade deficit with China reached a record $375 billion past year, by far the largest the U.S. had with any country. China has sharply criticized the US move on tariffs, saying it would hurt the global economy.

"The countries have reached consensus to tackle trade imbalances", said the source, who asked not to be named as he was not authorized to speak on the matter.

However, he insisted that cooperation was the only way to resolve those differences, citing the example of Chinese top economic adviser Liu He's visit to Washington this week for a series of meetings with USA government officials. But his three years there was not easy - it was a time when Beijing and Washington were seeking to deepen economic cooperation in the wake of the global financial crisis amid tensions, especially when then USA president Barack Obama revealed his pivot to Asia, a strategy seen as a bid to curtail China's growing influence in the region.

At Sunday's briefing, Zhang said Chinese policy makers planned to consolidate three previous laws into new legislation aimed at promoting and protecting foreign investment.

Trump's tariffs may yet prompt retaliation from China. "And Trump is largely not supported by major USA companies".

Other reports by Insurance News

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