Chinese Premier Li Keqiang
The prime minister of China said Tuesday there are no winners in a trade war with the U.S.
"There is no winner in the trade war," Li Keqiang said at the 33rd Association of Southeast Asian Nations (ASEAN) Summit in Singapore where he addressed the trade war, the South China Sea dispute and the ASEAN market region.
He said China does not wish to see flaws in the global trade chain that can affect other countries.
Turning to the South China Sea, he said common effort is needed to resolve the issue and China wished the process to solve problems in the disputed areas to be resolved in three years.
The U.S. decision to cut off a Chinese state-backed chipmaker from U.S. suppliers amid allegations the firm stole intellectual property from a U.S. semiconductor company breaks World Trade Organization rules and aims to protect a U.S. monopoly, China told a WTO meeting on Tuesday.Last month the U.S. Commerce Department put Fujian Jinhua Integrated Circuit Co Ltd on a list of entities that cannot buy components, software and technology goods from U.S. firms.But a Chinese official told the WTO meeting that Jinhua had not yet started production and was far from threatening DRAM manufacturers in the United States, which had said it presented a national security threat. "In our point of view, the real purpose of the U.S. measures is to maintain the monopoly interests of the U.S. DRAM industry," the Chinese official said, according to a transcript of remarks seen by Reuters. Germany cannot accept China’s camps for Uighur MuslimsUS-China trade tensions will create 'domino effect'China says world should ignore 'gossip' about Xinjiang
China says US controls on semiconductor firm break WTO rules
Trade tensions between the United States and China will create a "domino effect" and prompt other countries to turn protectionist, Malaysian Prime Minister Mahathir Mohamad said on Tuesday.Speaking at the Association of South East Asian Nations (ASEAN) Business and Investment Summit in Singapore, Mahathir said other developed countries will follow the footsteps of the United States and China by imposing protectionist measures against developing countries, like ASEAN member states."The trade tension between the two world powers is bound to create a domino effect that will affect trade reactions and will be a reason for other developed countries to adopt protective measures against developing countries, including the ASEAN countries," Mahathir said."This is not the time to close our doors by invoking trade protectionism measures," he added.China says world should ignore 'gossip' about Xinjiang"DOJ will help return money Goldman Sachs charged for 1MDB dealings"Mohamad also said on that U.S. prosecutors had promised to help return money that Goldman Sachs charged for its dealings with troubled Malaysian state fund 1MDB.The U.S. investment bank has been under scrutiny for its role in helping raise funds through bond offerings for 1Malaysia Development Bhd (1MDB), which is the subject of corruption and money-laundering investigations in at least six countries.The U.S. Department of Justice has said about $4.5 billion was misappropriated from 1MDB, including some money that Goldman helped raise, by high-level officials of the fund and their associates from 2009 through 2014. U.S. prosecutors filed criminal charges against two former Goldman Sachs bankers earlier this month.Asked if he had officially requested the U.S. DOJ to help return money that Goldman charged for its dealings with 1MDB, Mahathir said:"It takes a little bit of time but they (DOJ) have promised that they will give back the money." He was speaking on the sidelines of a speech he delivered in Singapore.Bankers at Goldman Sachs Group "cheated" Malaysia in dealings with state fund 1MDB, Mahathir said in an interview with U.S. news channel CNBC aired earlier on TuesdaBolton says US objects to China's military steps in South China SeaChina says world should ignore 'gossip' about Xinjiang
US-China trade tensions will create 'domino effect'
Keqiang also said China is working to make the ASEAN market region even more dynamic and Beijing has the potential to do that.
The summit began Tuesday and will continue until Thursday.
Leaders of China, India, Japan, South Korea, Russia, Australia and of 10 ASEAN countries are expected to participate in the summit.