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Joint Site of Ministries of Foreign Affairs of BRICS Member States

Wednesday, November 15, 2017

China, Russia Committed to Developing Ice Silk Road

China and Russia will step up efforts to build the Ice Silk Road, aiming to break new ground in bilateral economic and trade relations, Gao Feng, spokesman for China's Ministry of Commerce (MOFCOM), said.

During President Xi Jinping's visit to Russia in July, Xi said that Russia is an important partner in the construction of the Belt and Road initiative, and urged the two countries to carry out the Northern Sea Route cooperation so as to realize an "Ice Silk Road," according to the Xinhua News Agency.

China and Russia have achieved positive progress in cooperation on development in the Arctic region, Gao told a press conference held in Beijing.

For example, China COSCO Shipping Corp has completed several trial trips on Arctic shipping routes, according to Gao.

Gao said that transport departments from both countries are constantly improving policies and laws related to development in the Arctic, and Chinese and Russian companies are actively seeking cooperation on oil and gas exploration in the area.

MOFCOM is also joining forces with Russian authorities to promote the development and use of Arctic routes and to advance comprehensive cooperation on infrastructure construction, tourism and scientific expeditions in the area, said Gao.

China has been adhering to the principle of equal treatment for Chinese and foreign enterprises and the Chinese government will further open up the domestic market to global companies, a trade official said Thursday.

The comment came after chip making giant Broadcom Corp made an unsolicited $103 billion bid for US rival Qualcomm Inc on Monday. If the deal were to go ahead, it would have big implications for the global chip industry.

"We have noticed relevant media reports and according to our knowledge, the deal is still under negotiation," Gao Feng, spokesman for MOFCOM, said at a press conference held in Beijing.

The deal will face scrutiny according to China's antitrust rules, Gao said.

There is a strict legal procedure and assessment standard from filing a case to announcing a decision, Gao said, noting that the time for investigation into the deal is also strictly regulated.

"We have been insisting on the principle of consistency between Chinese and foreign enterprises, and this will not change," the spokesman noted.

China's antitrust rules and anti-monopoly probes aim to secure a fair competitive market environment, Gao said, adding that "the Chinese market will further open up and we welcome companies across the globe to invest and do business in China."

He also said that there will be strengthened efforts "to protect the legal rights of foreign companies in China."

Source: Global Times