While the United States president Donald Trump and his Chinese counterpart Xi Jinping are set top seen meet on the sidelines of the G20 summit in Argentina and discuss trade tensions, the US continued to throw salvo at its former largest trading partner by claiming that Beijing has been unable to bring any change in its “unfair” trade practices, this statement also highlighted the continued tensions between the countries on trade.
There is a growing sentiment and belief in the global markets that the escalating trade tensions between the two largest economies of the world will not end soon and this latest and renewed accusations against Beijing by the Trump administration added fuel to that speculation.
Nothing had been done by China to alter any of the trade practices that the US and some of the other major economies had been demanding for long, said Office of US Trade Representative Robert Lighthizer in an update to a report issued in March.
“This update shows that China has not fundamentally altered its unfair, unreasonable, and market-distorting practices that were the subject of the March 2018 report on our Section 301 investigation,” Lighthizer said.
China has been accused of using a variety of unethical and illegal means in trying to gain global dominance in sectors that require state of the art cutting edge technologies such as robotics and renewable energies.
Such Chinese practices allegedly include stealing of intellectual property from American companies by its business policy of mandatory setting up of joint ventures with domestic Chinese companies who in turn also demand transfer of technology for continuing to do business in the huge Chinese market. US has also alleged that Beijing also engages in state-sponsored corporate acquisitions and other illegal and unethical tactics such as industrial espionage. A number of Western companies and countries have also been critical of Beijing’s policy of providing huge state subsidies to Chinese companies who then dump the cheap products in the Western markets of US and Europe.
All of such charges and allegations have been denied by China despite the European Union and Japan have also expressed similar displeasure on similar issues related to China’s trade policies and practices. In September this year, a joint statement on the allegations was issued by the three countries.
Beijing was however somewhat cautious in replying to the latest salvo from the Trump administration.
“The China-US economic and trade cooperation is mutually beneficial in nature,” foreign ministry spokesman Geng Shuang told a regular press briefing. “Economic and trade frictions are normal. The key is to conduct dialogue and consultation on the basis of mutual respect, equality and integrity,” Geng said.
According to the report, China “indeed appears to have taken further unreasonable actions in recent months.”
A multiple conclusions by civilian cybersecurity firms were cited in the report where in the conclusions alleged that hacking attempts by Chinese elements had been relentlessly going on and “cloud computing, Internet of Things, artificial intelligence, biomedicines, civilian space, alternative energy, robotics, rail, agricultural machinery, and high-end medical devices sectors” were being targeted by state-sponsored entities.
(Source:www.mg.co.za)
There is a growing sentiment and belief in the global markets that the escalating trade tensions between the two largest economies of the world will not end soon and this latest and renewed accusations against Beijing by the Trump administration added fuel to that speculation.
Nothing had been done by China to alter any of the trade practices that the US and some of the other major economies had been demanding for long, said Office of US Trade Representative Robert Lighthizer in an update to a report issued in March.
“This update shows that China has not fundamentally altered its unfair, unreasonable, and market-distorting practices that were the subject of the March 2018 report on our Section 301 investigation,” Lighthizer said.
China has been accused of using a variety of unethical and illegal means in trying to gain global dominance in sectors that require state of the art cutting edge technologies such as robotics and renewable energies.
Such Chinese practices allegedly include stealing of intellectual property from American companies by its business policy of mandatory setting up of joint ventures with domestic Chinese companies who in turn also demand transfer of technology for continuing to do business in the huge Chinese market. US has also alleged that Beijing also engages in state-sponsored corporate acquisitions and other illegal and unethical tactics such as industrial espionage. A number of Western companies and countries have also been critical of Beijing’s policy of providing huge state subsidies to Chinese companies who then dump the cheap products in the Western markets of US and Europe.
All of such charges and allegations have been denied by China despite the European Union and Japan have also expressed similar displeasure on similar issues related to China’s trade policies and practices. In September this year, a joint statement on the allegations was issued by the three countries.
Beijing was however somewhat cautious in replying to the latest salvo from the Trump administration.
“The China-US economic and trade cooperation is mutually beneficial in nature,” foreign ministry spokesman Geng Shuang told a regular press briefing. “Economic and trade frictions are normal. The key is to conduct dialogue and consultation on the basis of mutual respect, equality and integrity,” Geng said.
According to the report, China “indeed appears to have taken further unreasonable actions in recent months.”
A multiple conclusions by civilian cybersecurity firms were cited in the report where in the conclusions alleged that hacking attempts by Chinese elements had been relentlessly going on and “cloud computing, Internet of Things, artificial intelligence, biomedicines, civilian space, alternative energy, robotics, rail, agricultural machinery, and high-end medical devices sectors” were being targeted by state-sponsored entities.
(Source:www.mg.co.za)
