Daily Management Review

Beijing And Washington Should Find 'Calm And Rational' Resolution To Trade War: China


09/30/2019




Beijing And Washington Should Find 'Calm And Rational' Resolution To Trade War: China
Chinese Vice Commerce Minister Wang Shouwen said that his country is hopeful that both Beijing and Washington will find a solution to the trade dispute between the two countries “with a calm and rational attitude”. The trade representatives of the two countries are set to hold face to face talks early next month.
 
It has been more than a year that the two countries have been engaged in a tit for tat trade war that has seen both the countries imposing import tariffs on hundreds of goods of each other worth billions of dollars. The acrimonious trade war has brought down global financial markets and has slowed down global trade resulting fears of the global economic recession.
 
According to reports, both the countries are set to meet in Washington to try and arrive at a trade deal and end the trade war on October 10-11 and would be headed by President Xi Jinping’s top economic adviser, Vice Premier Liu He on the Chinese side and the by Robert E. Lighthizer, the US trade representative.
 
Liu would be travelling to Washington for the talks in the week following the National Day holiday of China ending on October 7, said Wang at a press conference in China, who has been part of the most recent negotiating team that went to Washington for the talks earlier this month. He said that China is hoping that means to iron out the interviews with the US mutually. “We believe this will benefit both countries’ people and the world,” he added.
 
According to sources and reports, radical new financial pressure tactics on Beijing is being planned and considered by the US Trump administration which includes even delisting of Chinese companies from the various stock exchanges in America. According to a report published by the news agency Reuters, this move is aimed at reducing investment from the US into Chinese companies because the Trump administration fears that it could compromise of national security.
 
Other concerns and worries of the US administration about China such as preventing US companies to access the Chinese market, forced transfer of technology with domestic Chinese companies as a prerequisite of doing business in China and Beijing’s dismal record at protection of intellectual property rights have been challenged by China.
 
More economic sectors of China would be opened up to foreign companies, Wang reiterated and added that there will no change in Beijing’s policy for protection of foreign companies’ rights in the country.
 
Earlier, Commerce Minister Zhong Shan told the news conference in Beijing that Chinese companies faced many difficulties due to the trade frictions which he said posed unprecedented trade challenges to the country. He said that import enhancement and measures to stabilize trade taken by China will bring out positive results. No details were however provided. 
 
The already strained relations between China and the United States have been exaggerated by the trade war. The US has repeatedly accused China of violation of human rights such as in the protests in Hong Kong, the alleged occupation in the South China Sea. US has also lend support to Taiwan which China claims as its territory which had also resulted in fissures in the bilateral relations of the two largest economies of the world.
 
(Source:www.reuters.com)






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