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China backs WTO reforms

Updated: Nov 6,2018 8:30 PM     Xinhua

BEIJING — Premier Li Keqiang on Nov 6 said China supports reforms of the World Trade Organization (WTO), but reforms should not be conducted unilaterally or by creating any new organization.

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

Talking about WTO reforms, Premier 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, the Premier said.

“China supports reforms and improvements to the existing system, increasing WTO’s effectiveness while maintaining its authority,” Premier Li said.

Premier 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 nondiscrimination, 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, Premier Li said.