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September 26, 2019

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Wang Yi: Turn to history for guidance

Source: Xinhua | 00:05 UTC+8 September 26, 2019 | Print Edition

CHINA and the United States need to stand high, look far and take the bilateral relationship forward with vision and conviction, said Chinese State Councilor and Foreign Minister Wang Yi in New York on Tuesday.

Over the past four decades, China-US relations have weathered many twists and turns, Wang said in a keynote speech at a dinner co-hosted by the National Committee on US-China Relations, the US-China Business Council, the US Chamber of Commerce and the Council on Foreign Relations.

Yet, the relationship has steadily moved forward with progress beyond even the boldest imagination, he added.

Noting that China-US relations have once again come to a crossroads, the top diplomat said that China and the United States must turn to history to look for inspiration and guidance for their relations in the next 40 years.

Mutually beneficial cooperation is the only right option for China and the United States, and neither country has taken advantage of the other, said Wang, detailing the tremendous benefit for both countries from cooperation in the past 40 years.

Such cooperation, enhanced by comparative strengths, has helped drive the robust growth of the US economy, substantially cut the cost of living for US families and enabled American firms to take home huge profits, said the top diplomat.

Wang said that the trade frictions between China and the United States in the past year and more have inflicted losses on both countries.

Higher tariffs have raised the production costs of US companies, pushed up US consumer prices and dampened the growth potential of the US economy, he said.

Businesses, farmers and consumers in the United States have acutely felt the mounting pressures, he added.

All these pointed to one simple and undeniable fact: Cooperation benefits both China and the United States and the rest of the world; friction will only create a lose-lose situation, and harm the whole world, Wang said.

Wang pointed out that opening-up and integration represent the right direction, and neither China nor the United States can move ahead without the other.

The two countries are now among the most important trade partners and investment destinations for each other, said Wang.

With industrial, supply and value chains deeply interconnected, China and the United States can be regarded as a community of shared interests, he said.

Given the size of the two economies and the level of their interdependence, so-called decoupling or shutting the door to each other is neither sensible nor realistic, Wang said.

Decoupling from the Chinese economy would be decoupling from opportunities, and from the future, he said.

While China opens itself up wider to the United States and the rest of the word, it also expects the United States to do the same to China and remove all unreasonable restrictions, Wang said.

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