Trade: US busi­nesses in fa­vor of team­work

China Daily (Canada) - - CHINA -

The di­a­logue, led by for­mer vice-pre­mier Zeng Peiyan and Thomas Dono­hue, pres­i­dent of the US Cham­ber of Com­merce, con­cluded on Tues­day in Wash­ing­ton.

US rep­re­sen­ta­tives who at­tended the meet­ing said both na­tions should elim­i­nate po­ten­tial ten­sion-caus­ing fac­tors and avoid trade con­flicts.

The US busi­ness com­mu­nity sup­ports the idea of strength­en­ing co­op­er­a­tion with China, at­tach­ing im­por­tance to the hard-won achieve­ments of four decades of diplo­macy be­tween the two coun­tries and look­ing for­ward to sub­stan­tive re­sults in the next ne­go­ti­a­tions and con­sul­ta­tions.

US busi­ness lead­ers also said the two coun­tries should look for ar­eas of co­op­er­a­tion with com­mon in­ter­ests and fur­ther pro­mote mar­ket open­ing.

Sta­ble bi­lat­eral busi­ness ties help US com­pa­nies gen­er­ate sales rev­enue in China be­cause the na­tions’ trade struc­tures are fairly com­ple­men­tary, said Sang Baichuan, a pro­fes­sor at the Univer­sity of In­ter­na­tional Busi­ness and Eco­nom­ics in Bei­jing.

Oth­er­wise, it would cut their mar­ket share amid com­pe­ti­tion and af­fect stock prices, Sang added.

US eq­ui­ties mar­kets dropped on Tues­day, and volatil­ity may con­tinue be­fore the sit­u­a­tion eases. All three ma­jor in­dexes erased more than 3 per­cent at the close.

The Dow Jones In­dus­trial Av­er­age fell nearly 800 points, or 3.1 per­cent, post­ing its worst day since Oct 10. The S&P 500 lost 3.2 per­cent, fall­ing be­low its 200-day mov­ing av­er­age.

The Nas­daq Com­pos­ite de­clined 3.8 per­cent to drop back into cor­rec­tion ter­ri­tory.

Con­tact the writers at zhong­[email protected]­nadaily.com.cn

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