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US, China Trade War Continues: Beijing Vows Not to Erect Market Barriers

© AP Photo / Andy WongIn this Sept. 16, 2018, photo, American flags are displayed together with Chinese flags on top of a trishaw in Beijing. The American Chamber of Commerce in China says Beijing will "dig its heels in" after U.S. tariff hikes and appealed for a negotiated end to their trade battle
In this Sept. 16, 2018, photo, American flags are displayed together with Chinese flags on top of a trishaw in Beijing. The American Chamber of Commerce in China says Beijing will dig its heels in after U.S. tariff hikes and appealed for a negotiated end to their trade battle - Sputnik International
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UNITED NATIONS (Sputnik) - China will not impose market barriers on countries and will open its market to the international investments even more, Foreign Minister Wang Yi said in a speech at the 73rd session of the UN General Assembly in New York on Friday.

"China will open doors wider to the world. China will not erect market barriers, but will expand access to the Chinese market," Wang said.

The foreign minister emphasized that China has given other states an opportunity for joint development by offering its huge market.

China is confident, Wang continued, that it can maintain the momentum and now the government will expedite its efforts to develop an advanced economic system.

READ MORE: China, US Can Compete While Avoiding 'Cold War State of Mind' — Beijing

Wang also said China has done more than expected on tariff reduction when it joined the World Trade Organization (WTO).

US vs China: Trade War

US President Donald Trump in a speech to the General Assembly earlier in the week called for a reform of the WTO because, in his opinion, the members have abused the organization. Trump also criticized the world trading system as ineffective and unfair to the United States.

In this Nov. 9, 2017, file photo, U.S. President Donald Trump, right, chats with Chinese President Xi Jinping during a welcome ceremony at the Great Hall of the People in Beijing - Sputnik International
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The Chinese official pointed out that China seeks a proper settlement of disagreements according to the rules that apply to every country and will not tolerate attempts at pressure by some states. 

"China will not be blackmailed or yield to pressure," Wang said.

The United States and China have engaged in a trade war this year as US President Donald Trump, who had repeatedly pledged to fix the US $500 billion trade deficit with China, imposed tariffs on Chinese goods. Since then, the two sides have exchanged several rounds of import duties on each other.

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