UPDATE 1-China does not pursue a trade surplus, willing to balance trade, vice premier says

Recasts to add details, background

DAVOS, Switzerland, Jan 21 (Reuters) - China does not pursue a trade surplus and is willing to import more competitive and high-quality products and services to balance trade, Ding Xuexiang, the country's vice premier, said on Tuesday.

Addressing the 55th annual World Economic Forum meeting in Davos, Switzerland, Ding said economic globalisation was not a zero-sum game but a process of mutual benefit and shared progress.

"Protectionism leads to nowhere, and there are no winners in a trade war," Ding said, calling multilateralism "the right path for maintaining world peace and promoting human development."

Ding's remarks came as Chinese policymakers intensified efforts to stimulate a faltering economy amid concerns over potential U.S. tariff hikes after President Donald Trump's inauguration on Jan. 20.

Trump unexpectedly held off tariffs on China on his first day back at the White House.

China welcomed more investment by foreign companies in the country, Ding said, adding that this door would not close.

(Reporting by Julie Zhu and Beijing Newsroom
Editing by Bernadette Baum)

((yukun.zhang@thomsonreuters.com;))