Daily Management Review

Tim Cook Calls For ‘Calm Heads’ Amidst The ‘Brewing U.S.-China Trade Dispute’


03/26/2018


China will strengthen its business intellectual property protection while treating the domestic and the foreign firms equally.



On Sunday, March 25, 2018, China assured to carry on with market “opening and reforms” and also reminded that its treatment towards foreign and domestic firms will remain equal and “protect intellectual property rights”.
 
The Vice Premier Han Zheng pledged for this reform as well as “equal treatment” as the prospects of a “trade war” taking place in the U.S. are on the rise. In his first speech as the executive vice premier, Han informed the “China Development Forum in Beijing” about the country’s need of opening up to the “outside world”, while the first steps would be through “Belt and Road Initiative”.
 
Hain reminded that the “economic globalisation” cannot be reversed, while he also added that “trade protectionism” or unilateralism for that matter did not help anyone so far. Moreover, the National Development and Reform Commission’s Chairman, He Lifeng, present at the forum, added that China “will deepen supply-side structural reforms and work hard to eliminate ineffective supply”.
 
In fact, sometimes early in the month, the NDRC reported that China being the “biggest” producer of “steel and coal” is going to reduce its capacity of steel by “30 million tonnes” while coal by “150 million tonnes” within this year.
 
According to Reuters report, Han informed that:
“China will also promote international capacity cooperation as part of its Belt and Road Initiative, which Beijing considers to be a modern-day ‘silk road’, and widen access to the Chinese market, including the financial, telecom and education sectors”.
 
Furthermore, China is prepared to “give equal protection to property rights of all ownership types by law,” besides strengthening protections on “intellectual property rights”, in an attempt to “better integrate its financial sector and real economy”.
 
China, said the U.S.-China Business Council’s President, John Frisbie, “has been promising market-opening measures and protection of intellectual property for some time, but what the U.S. business community is waiting for is action.”
 
On Friday, March 23, 2018, the U.S. complaint to the World Trade Organisation against China under President Trump’s “trade measures” package over “China’s alleged theft of U.S. intellectual property”.
 
The “Ministry of Commerce” in China replied opposing the “unilateralism and protectionism” of the U.S., following the latter’s announcement of tariff plans of “up to $60 billion in Chinese goods” after an “intellectual property probe”.
 
The C.E.O. of Apple, Tim Cook, who also co-chairs the forum, stated that the corporate community “has always supported the idea that open markets foster new ideas and allow entrepreneurship to thrive.”
“The strongest companies and economies are those that are open - those that thrive on diversity of people and ideas.”
 
 
References:
reuters.com







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