China tells UNGA: We Won't be 'Blackmailed' by US

The Chinese government's top diplomat Wang Yi said Friday Beijing would not be blackmailed or yield to pressure over trade, and criticized unilateral moves by some states that China believes would bring harm to all.

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"Protectionism will only hurt oneself, and unilateral moves will bring damage to all," Wang said in a speech at the United Nations General Assembly. "Regarding trade frictions, China stands for a proper settlement based on rules and consensus through dialogue and consultation on an equal footing. China will not be blackmailed or yield to pressure."

At the body's Security Council meeting Wednesday, United States President Donald Trump accused Beijing of seeking to meddle in the Nov. 6 U.S. congressional elections in a bid to stop him and his Republican Party from doing well because of his trade policy challenging China. At the same meeting, Wang rejected the charge.

The United States and China are embroiled in a trade war, sparked by Trump's accusations that China has long sought to steal U.S. intellectual property, limit access to its own market, and unfairly subsidize state-owned companies.

China has said it would keep its markets open and would not be intimidated by U.S. threats. 

Spokesman Gao Feng spoke to reporters at a press briefing when asked to comment on the potential situation that some foreign enterprises may think about cutting down their business in China due to the ongoing trade tension between China and the U.S.

Gao said the Chinese government is working to stabilize foreign investment.

"We have noted relevant situations and are conducting a detailed evaluation of the impact on the global industrial chains brought about by the increased tariffs levied by the United States. Now, the central government and governments at all levels are working actively on specific measures to stabilize foreign investment," said Gao.

Gao said China will further open up its market, gradually ease market access to general manufacturing, accelerate the opening up of the service sector as well as solve the specific problems facing foreign-invested enterprises.

"All in all, the Chinese market will keep opening up to foreign investment; we will continue to improve the investment climate and strengthen industrial support capacity," said Gao.