China on Tuesday expressed 'grave concerns' over US President Donald Trump's move to review Beijing's alleged trade practices over intellectual properties and warned that it would not sit on its hands if the US's action inflicts damage on the bilateral trading relationship.
The Global Times quoted the China's Ministry of Commerce (MOC) as saying that China will not sit on its hands "if the US's action inflicts damages on the bilateral trading relationships".
Asserting that China-U.S. trade war would lead both countries nowhere, China's Foreign Ministry spokesperson Hua Chunying' stressed that the economic and trade relations between China and the US are mutually-beneficial and win-win in essence.
"China stands ready to continue to work with the US side and ensure the sound and steady development of China-US economic and trade relations on the basis of mutual trust and quality and mutual benefit," she said.
"I should stress that China has highly valued the protection of IPR. In recent years, we have promulgated and improved the relevant laws and regulations, stepped up our efforts to crack down on the crimes of IPR infringement, paid attention to raising the awareness of IPR protection of the whole society and our achievements are there for all to see," she added.
Trump signed a memorandum on Monday directing country's Trade Representative Robert Lighthizer to review Chinese trade practices regarding intellectual properties.
This move, which could allow Trump to impose tariffs on Chinese goods, comes at a time when Trump's administration seeks cooperation with Chinese President Xi Jinping on North Korea's ongoing missile threats.
According to media reports, China is the allegedly the main offender of stealing U.S. intellectual properties, estimating it costs the U.S. economy up to $600 billion a year. (ANI)
