Healthy re­la­tions ‘will ben­e­fit both’

Sino-US trade vol­ume slips but bright fu­ture seen for eco­nomic ties

China Daily (Hong Kong) - - FRONT PAGE - Con­tact the writ­ers at jing­shuiyu@chi­ By JING SHUIYU and ZHONG NAN

China will con­tinue to de­velop mu­tu­ally ben­e­fi­cial and com­ple­men­tary trade re­la­tions with the United States re­gard­less of US change of ad­min­is­tra­tion, said Min­istry of Com­merce spokesman Shen Danyang on Fri­day.

It is too early to pre­dict whether bi­lat­eral trade will de­crease in the next few years, though Sino-US trade vol­ume fell slightly this year, he said at a news con­fer­ence.

In the first 11 months of this year, to­tal Sino-US trade de­clined by 1.7 per­cent yearon-year to 3.08 tril­lion yuan ($442 bil­lion), ac­cord­ing to the Gen­eral Ad­min­is­tra­tion of Cus­toms.

China’s ex­ports to the US also de­clined, by 6.6 per­cent in dol­lar terms, between Jan­uary and Novem­ber.

But the yuan-de­nom­i­nated vol­ume re­mained roughly un­changed, said Shen.

He said that the two economies are com­ple­men­tary in many ways, such as nat­u­ral re­sources, hu­man re­sources, mar­ket, cap­i­tal and tech­nol­ogy.

Bi­lat­eral in­vest­ment in­creased between Jan­uary and Novem­ber.

US in­vest­ment in China rose by 15.1 per­cent to $2.21 bil­lion, while China’s non­fi­nan­cial di­rect in­vest­ment in the US grew by 159 per­cent year-on- year to $18.63 bil­lion.

“China and the US are mu­tu­ally de­pen­dent. Eco­nomic and trade co­op­er­a­tion will ben­e­fit both, while con­fronta­tion only hurts both,” he added.

Ear­lier this week, Trump ap­pointed Peter Navarro, re­port­edly a hard-liner on trade with China, as head of the newly formed White House Na­tional Trade Coun­cil, a choice that aroused public con­cerns.

Ex­perts say the two coun­tries’ eco­nomic and trade ties will see a bright fu­ture de­spite short-term chal­lenges.

Lin Gui­jun, vice-chan­cel­lor of the Univer­sity of In­ter­na­tional Busi­ness and Eco­nomics, said: “China and the United States should pur­sue a mu­tu­ally ben­e­fi­cial so­lu­tion to dis­putes through di­a­logue. It will pro­duce a win-win sit­u­a­tion for eco­nomic and trade co­op­er­a­tion.”

Zhou Mi, a re­search fel­low at the Chi­nese Academy of In­ter­na­tional Trade and Eco­nomic Co­op­er­a­tion, said bi­lat­eral eco­nomic and trade ties will re­main close.

Zhou pre­dicted that trade vol­ume will in­crease early next year, spurred by a more ro­bust US eco­nomic re­cov­ery.

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