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October 15, 2019

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Win-win cooperation key to China-US trade deal

The substantial progress in China-US trade talks is a big relief to world markets. The Dow Jones Index, Europe’s STOXX 600 Index, Germany’s DAX Index, and Britain’s FTSE 250 Index all gained on the new progress. US farmers cheered the trade truce and the potentially increased agricultural sales to China.

Trade tension has worried the international community as the world economy slowed down and is predicted to slow even further if the tension continues.

The resolution of trade disputes and cooperation between China and the US are important for global economy and world development.

“Everyone loses in a trade war,” Kristalina Georgieva, the new chief of the International Monetary Fund, said in her first speech.

She said the rifts could lead to changes that last a generation — broken supply chains, siloed trade sectors, a “digital Berlin Wall” that forces countries to choose between technology systems.

Win-win cooperation is key to a successful resolution.

When both sides address each other’s concerns properly, we can move toward a positive direction and find common ground despite differences.

If America is only concerned about its own interest, no deal could be reached and trade tension could never be eased, which will only bring American people more losses.

The latest survey by a panel with the National Association for Business Economics shows they expect the US GDP growth to slow to 2.3 percent in 2019 from 2.9 percent in 2018.

The data about industries show that American factories are operating at their lowest rate in 10 years.

More data show that it is American consumers and manufacturers who paid the price for increased tariffs.

What’s worse, unilateralism and protectionism are undermining free trade, fair competition, and the function of international mechanism, which threatens not only world economy but also the world order.

The US and China, as the two largest economies in the world, should shoulder the responsibility to bring order, peace and development to the world.

China has shown sincerity and willingness to have dialogues on issues of mutual concern.

Sincerity and willingness

China has promoted peaceful resolution of disputes on the basis of mutual respect and win-win cooperation.

China never seeks its own interest at the cost of other nations’ interests, which best reflects the concept of a community with a shared future for humankind.

The second China International Import Expo is approaching, as a part of China’s efforts to boost world trade and economic growth in the face of trade tension and world economic downturn. It would be a firm support for trade liberalization and economic globalization.

American companies and enterprises are also very welcome, because China believes collaborative multilateralism, rather than unilateralism and protectionism, could bring common development of all nations around the world.

Substantial progress could be made in China-US trade talks as both sides were able to identify some of their own goals.

US President Donald Trump has shown his happiness with the “partial deal,” which means he is not occupied with just the US interest.

If everyone sticks to a win-win cooperation strategy, there could be a greater possibility for a substantial deal.

The author is a research fellow at Research Center for Global Public Opinion of China, Shanghai International Studies University.


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