China trade war will hurt American firms the most: Li Keqiang

Li Says One China Policy Foundation of China-U.S. Ties

"China hopes that no matter what bumps this relationship may run into, we hope this relationship will continue to forge in the right direction".

China does not want a trade war with the U.S. and will not devalue the renminbi to boost exports, the country's premier said on Thursday, as he struck a conciliatory note ahead of a series of high-level bilateral meetings.

Addressing a news conference on the final day of the annual meeting of China's parliament, Li reaffirmed China's commitment to denuclearise the Korean peninsula. "It also shows the high level of complementarity of our economies", said the Premier of the State Council of China. "China has no intention to overreach itself".

Earlier this month, China's National Socio-Economic Development Plan for 2017 set a 6.5-percent target for GDP growth following last year's record low growth figures.

Li issued a call for all sides to work toward defusing the situation, apparently speaking for China in saying "no one wants to have chaos at their doorstep".

China says, however, its leverage over Pyongyang is limited.

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While acknowledging that trade ties between China and the European Union have been strained in recent years over steel, Li said that China and the European Union had experience at "appropriately resolving" disputes.

The government work report delivered by Li at the start of the National People's Congress warned that "we must be fully alert to the buildup of risks" in the financial system.

Li, in a question-and-answer session that lasted almost two hours, downplayed fears about structural risks to China's economy, pledged to "fight and win a battle on smog", and advocated for economic cooperation between the mainland and Hong Kong. But he added that Chinese policymakers need to "take very seriously the risks we are facing on the domestic front, especially in the financial sector". "We will take prompt and targeted measures to prevent them from further spreading", Li said.

Trump's Secretary of State Rex Tillerson will visit Japan, South Korea and China beginning later this week, with tensions soaring in the region.

Trump has attacked China on issues ranging from trade to the South China Sea and what he perceives as China's lack of interest in reining in nuclear-armed North Korea.

An F18 fighter jet landing on the deck of aircraft carrier USS Carl Vinson during an annual joint military exercise called "Foal Eagle" between South Korea and US, in the Sea of Japan, March 14, 2017.

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