Chinese premier says no winner in trade war with US

The prime minister of China said Tuesday there are no winners in a trade war with the U.S.

"There is no winner in the trade war," Li Keqiang said at the 33rd Association of Southeast Asian Nations (ASEAN) Summit in Singapore where he addressed the trade war, the South China Sea dispute and the ASEAN market region.

He said China does not wish to see flaws in the global trade chain that can affect other countries.

Turning to the South China Sea, he said common effort is needed to resolve the issue and China wished the process to solve problems in the disputed areas to be resolved in three years.

Keqiang also said China is working to make the ASEAN market region even more dynamic and Beijing has the potential to do that.

The summit began Tuesday and will continue until Thursday.

Leaders of China, India, Japan, South Korea, Russia, Australia and of 10 ASEAN countries are expected to participate in the summit.