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China prefers dialogue to settle disputes
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IN speculating over future development of China-US trade relations following US President Donald Trump’s decision to impose heavy tariffs on Chinese imports, the US side should be aware that arrogance does not lead to good business.
Despite risks of harming interests of China and the United States itself, Trump on Thursday signed a memorandum that could result in tariffs on up to US$60 billion of imports from China as well as harsher restrictions on Chinese investments.
Trump also announced a 25 percent tariff on steel imports and a 10 percent tariff on aluminum earlier this month, triggering global criticism.
Washington’s trade protectionist policies not only violate basic trade rules built over the past several decades by the international community but also ruin the international image and status of the world’s largest economy.
China and the US are key trade partners of each other. After decades of cooperation, they are no longer able to draw a clear line between their interests.
Despite competition, the two economies are remarkably complementary to each other — a good example of mutually beneficial ties.
China has always advocated win-win cooperation and negotiated settlement of disputes. However, it will never remain silent when its rights and interests are hurt by other countries.
China has prepared and has the strength to safeguard its national interests, but it also hopes that both sides can remain rational and work together to preserve the broad China-US economic and trade relations.
In recent years, China has promoted the development of its economic strength and technological advantages to a new level. With an optimized industrial structure, enhanced economic resilience and a broader space for macroeconomic policies, China is not afraid of engaging in a trade war.
With a huge domestic market and a complete system of industry, China is capable of taking counter-measures against hostilities.
Even so, China still prefers to settle disputes through dialogue and consultation.
As the two largest economies in the world, China and the United States will never benefit from a trade war that may devastate global economic stability.
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