China joins India in opposing protectionism

NEW DELHI: China on Wednesday joined India in opposing protectionism, saying it is detrimental to the "recovery and growth " of global economy
which is going through a very difficult phase.

"China is firmly opposing trade protectionism because such a policy is harmful to the recovery and growth of world economy," Chinese Ambassador Zhang Yan said here.

He said as a responsible member of the World Trade Organisation, China will continue to stand by the principle of free trade and oppose any form of trade protectionism.

The Chinese envoy's comments came a day after India said protectionist steps by developed nations would complicate the global financial crisis.

As the US moves towards eliminating tax benefits for American firms outsourcing jobs to foreign countries, Finance Minister Pranab Mukherjee had said developed countries should not resort to protectionism to overcome the financial crisis.

"Any sort of protectionism will complicate the problem instead of resolving it," Mukherjee said on Tuesday.

Favouring deeper cooperation between China and India in dealing with the financial downturn, the Chinese Ambassador said both countries must guard against protectionism.

"In the G-20 summit in Washington last November, our leaders committed themselves to not adopting measures of trade protectionism," he added.

Source: http://economictimes.indiatimes.com/