China and US still talking despite tensions over trade
Print Edition
China doesn’t want a trade war with the United States and will not start one, but can handle any related challenges and will defend national and Chinese people’s interests, Minister of Commerce Zhong Shan said yesterday.
Trade wars leave no winners, only disastrous outcomes for the world, Zhong said on the sidelines of the 13th National People’s Congress.
The US side formally declared to impose 25 percent tariffs on steel imports and 10 percent on aluminum last Thursday, with initial exemptions for Canada and Mexico, saying such results could be made for other countries through negotiations.
Zhong pointed out that different statistical methods widen US trade deficit with China by around 20 percent, citing the research of a joint work group tracking and comparing the two countries’ trade figures.
China’s trade surplus with the US grew 13 percent year on year to 1.87 trillion yuan (US$290 billion) last year, official data showed.
Trade imbalance between the two countries is structural, with China exporting more commodities to the US while importing more services, Zhong said, adding that trade competitiveness is determined by industries.
US control of high-tech exports to China also contributed to bilateral trade imbalance, Zhong said, quoting an American research report that estimated a 35-percent fall in trade deficit with China if the US relaxed export restrictions.
Zhong said the two countries have different demands in opening up markets in financial, telecom, automobile, produce and other sectors due to different national conditions.
Different views on Internet security and intellectual property rights also impact bilateral trade and investment, he added.
The two sides haven’t halted economic dialogues and will continue exchanges, the minister stressed.
Liu He, a senior Chinese economic and financial official, met US officials this month and they agreed that trade disputes should be resolved by cooperation rather than confrontation.
The two countries also agreed to talk about related issues in Beijing in the near future, aiming to create conditions for further cooperation.
“It’s a good thing. No one wants a trade war and it serves nobody’s interests,” Zhong said. China would like to solve differences via cooperation and help to stabilize global economy.
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