China's authorities intend to develop cooperation with Russian Federation in the sphere of internet trade, space and aircraft industry to double the volume of bilateral trade, increasing it to $200 billion, Premier of the People's Republic of China Li Keqiang told TASS at a news conference on Friday, Trend reports.
Shortly before Li's press conference, the official state-run Xinhua news agency released a brief on the talks and a telephone conversation between China's top trade negotiator, Chinese Vice Premier Liu He, and U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin.
Premier Li Keqiang, speaking in a nationally televised news conference, said Friday the communist government will cut taxes and take other steps to "boost the vitality of the market".
China announces plans to stabilise growth amid trade war with US
Li said China has policy room reserved for dealing with possible uncertainties this year such as raising the deficit-to-GDP ratio, or using other instruments like required reserve ratios and interest rates. Gross domestic product grew 6.6 percent in 2018 - the least in 28 years.
Maintaining growth will ensure employment remains stable, Li said.
China will bolster its national coffers by collecting more of the profits earned by some financial institutions and centrally-owned firms, while general expenditure will be cut, Li said.More news: Lawyer: US Navy Veteran Held in Iran Sentenced to 10 Years
"We also hope that foreign governments can view in an objective light the cooperation between Chinese companies and their foreign partners based on contractual consent", he said.
Chinese Premier Li Keqiang on Friday made a conciliatory gesture to the United States as the world's second-largest economy continues to slow down against the backdrop of a trade dispute with Washington, saying the two countries should cooperate to create "mutual interests".
A summit to seal a trade deal between U.S. President Donald Trump and Chinese President Xi Jinping will not happen at the end of March as previously discussed, Treasury Secretary Steven Mnuchin said on Thursday.More news: Hero charged attacker during New Zealand mosque massacre, says witness
The supply of nursing services for the elderly and infants in China is insufficient and can not meet demand, and this situation deserves the highest attention, Li said.
"This law will regulate government behaviour, requiring the government to perform its functions in accordance with the law", he said.
Li said the negotiations for a China-EU investment treaty are being advanced to make two-way investment flows more open and benefit the two sides on an equal footing.More news: Manchester City boss Guardiola 'sorry' for win against Swansea with no VAR
His comments came after increased global scrutiny of Chinese telecommunications giant Huawei Technologies Co Ltd, which has been caught in the cross-fire as trade tensions ratcheted up.