China fully confident in achieving 2018 economic targets: Premier Li

Li Keqiang

The balance of the country's pension funds stands at 4.1 trillion yuan (645 billion US dollars), Li told a press conference following the conclusion of the annual legislative session.

The tariff package, which Trump plans to unveil by Friday, could be applied to more than 100 products, which the president argues were developed using trade secrets that China stole from USA companies or forced them to hand over in exchange for access to its massive market.

Chinese President Xi Jinping called for the "great rejuvenation of the Chinese nation" and for his country to take its "due place in the world", in a nationalistic speech on Tuesday at the closing of the annual parliamentary session.

The warning came just days after Trump angered Beijing by signing into law legislation encouraging closer ties between Taiwan and the United States.

Li pledged to slash tariffs for "day-to-day" consumer goods, phase in zero tariffs for imported drugs especially cancer drugs, and even relax access to service sectors such as elderly care, health care, education and finance.

"The Chinese people have been indomitable and persistent", Xi told the nearly 3,000 delegates in the cavernous Great Hall of the People in Beijing.

At the same time he reiterated increasing global concerns over China's rise were unjustified and added: "Only those who are in the habit of threatening others will see everyone else as a threat".

Li, 62, was re-elected last Sunday for second five-year tenure by China's rubber-stamp parliament. "We hope trade will be balanced".

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No compulsory technology transfers will be imposed on foreign investment in the general manufacturing sector and intellectual property rights will be protected, he said.

Trump says Beijing has forced US companies to transfer their intellectual property to China as a cost of doing business there, though China has insisted that technology transfers are not a condition of gaining market access.

But they could be much broader and hit consumer products such as clothing and footwear, with a list eventually running to 100 products, this source said.

"What we hope is for us to act rationally instead of being led by emotions".

"We will strictly protect intellectual property".

China is capable of forestalling systemic financial risks, Li told his annual press conference here ruling out the possibility of such risks in the country.

The Premier said China will open up to the rest of the world.

China is confident of achieving its economic targets this year, which includes a growth target of around 6.5 per cent, as it has already recorded double-digit growth in government revenue in the first two months, he said.

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