China Development Forum opens amid rising trade tensions

The China Development Forum, themed on "China in the new era," opened on March 25 in Beijing amid rising trade protectionism and anti-globalization rhetoric.

The forum takes place each year following China's annual "two sessions" -- the National People's Congress and the Chinese People's Political Consultative Conference -- and hosts global business leaders, Chinese government officials, experts as well as representatives of international organizations to discuss the  further collaboration for China's global development.

This year's event comes amidst brewing trade tensions between the world's two largest economies after President Donald Trump announced huge tariffs on Chinese goods, which has rattled markets and stoked fears of a trade war, prompting China to consider retaliated measures to balance any potential losses.

In his keynote speech, Chinese Vice Premier Han Zheng said that economic globalization is the general trend of the time. The trend will not be reversed despite difficulties.

"Going against this trend and adopting trade protectionism offers no way out," he added. "Waging a trade war is in nobody's interest."

He called for equal consultations and further cooperation to boost free trade and investment and advance economic globalization for more open, inclusive and balanced development.

Han also said that China will continue the path of reform, opening up and innovation, and vows to create a level-playing field for both domestic and foreign companies, protect intellectual property rights, and form a first-class business environment.

Tim Cook, Apple CEO and co-chair of the forum, said the "business community has always supported the idea of an open market, to foster new ideas that allow entrepreneurship to thrive."

"The strongest companies and economies are those that are open and those that thrive on diversity of people and ideas," he said. "Countries that embrace openness, trade, diversity are the countries that do exceptional; and countries that don't, don't."

Last year, China-U.S. trade reached approximately US$580 billion. During Premier Li Keqiang's press conference on March 20, he said, "Such a substantial trade volume could not have been achieved without business rules and market principles."