ch and field development resources to expand in the Chinese market over the coming years, he said.
Ministry of Commerce spokesman Gao Feng said last month that the two countries’ negotiating teams are hashing out the text of a deal, including an enforcem
ent mechanism, based on mutual respect and benefit. Both countries, the world’s two biggest ec
onomies, have been intensifying their consultations and aiming to break the deadlock in a timely manner.
In the ninth round of trade consultations, negotiators discussed tec
hnology transfers, protection of intellectual property rights, non-tariff measures, the s
ervice sector, agriculture, trade imbalances and enforcement mechanisms.
Trade between China and the US amounted to 815.86 billion yuan ($121.7 billion) in t
he first quarter of the year, an 11 percent year-on-year decline, according to the General Administration of Cus
toms. In March, Sino-US trade climbed 0.1 percent to 291.35 billion yuan, according to the administration.
ational Cooperation, to be held in Beijing on Thursday through Saturday, S
ong said the ministry will help deepen economic and trade cooperation with other coun
tries. “China will build more free trade zones with countries that are willing to do so,” Song added.
“As for the existing free trade zones, we will reduce administrative barriers in trade
and investment and push the formation of a big Belt and Road marketplace.”
While some critics have argued that the initiative will lead countries i
nto debt traps, Song said debt can be solved through joint efforts to promote the devel
opment of BRI economies. “Even though some countries may have high debt levels, as their pace of indus
trialization, urbanization and modernization accelerates, their debts will gradually decrease.”
Joe Kaeser, president and CEO of Siemens AG, said, “If an initiative like the BRI unifies more than two-thirds of the global
population, it will create massive infrastructure and economic movement that will build its own rules.”