Chinese State Councilor and Foreign Minister Wang Yi (1st R) delivers a speech at the business summit of the Greater Mekong Subregion (GMS) Economic Cooperation in Hanoi, Vietnam, March 30, 2018. (Xinhua/Wang Shen)

HANOI, March 31 (Xinhua) -- Chinese State Councilor and Foreign Minister Wang Yi said on Saturday that protectionism harms others without benefiting oneself and it is also a one-way street that leads nowhere.

Wang made the comments here at the ongoing sixth summit of the Greater Mekong Subregion (GMS) Economic Cooperation.

Openness has been essential to the development of the subregion, he said, adding that without it, it would be impossible to accomplish so much.

Wang called on the subregion to expand openness to secure greater development in the future.

"We must continue to drive trade and investment liberalization and facilitation, support the multilateral trading system and promote an open, inclusive and balanced economic globalization that benefits all," he said.

The Chinese state councilor also urged an early conclusion of the Regional Comprehensive Economic Partnership (RCEP) negotiations so as to lead the way for the regional free trade architecture.

"We also need to improve the business environment to energize market entities and enable factors of production to flow more smoothly and efficiently," he said.

Noting that China has long been an advocate of an open world economy, Wang stressed that China is committed to win-win cooperation in opening-up and firmly opposes trade protectionism.

"Protectionism harms others without benefiting oneself. It is a one-way street that leads nowhere," he said, adding that the right approach to addressing trade disputes is to conduct consultation in line with international rules and as equals.