Shared sin­cer­ity sets foun­da­tion for a deal

China Daily (Hong Kong) - - COMMENT -

Hav­ing ex­changed in-depth views on trade and other eco­nomic is­sues, the Chi­nese and US del­e­ga­tions fi­nally wrapped up their dis­cus­sions on Wednesday, with both sides agree­ing to con­tinue to keep close con­tact with a view to ul­ti­mately solv­ing their dif­fer­ences. The talks, which were ex­tended for an un­sched­uled third day on Wednesday, hav­ing al­ready con­tin­ued late into the evening on Tuesday, have eased mar­ket con­cerns that the world’s two largest economies would be un­able to find a way to end their trade fric­tions. And Asian stock mar­kets rose on the back of the ris­ing tide of op­ti­mism that the two sides will reach an agree­ment that will stop the trig­ger be­ing pulled on a fur­ther ex­change of puni­tive mea­sures.

The ex­tra day of talks tes­ti­fies to the com­plex­ity of the trade and eco­nomic re­la­tions be­tween China and the United States. It is un­re­al­is­tic to ex­pect a quick-fix so­lu­tion or Band-Aid; it will take time to sort out the many thorny is­sues be­tween them. This week’s ne­go­ti­a­tions, which both have en­gaged in with sin­cer­ity and good­will, have of­fered a good op­por­tu­nity for the two sides to deepen their mu­tual un­der­stand­ing and al­lowed them to ex­pand their com­mon ground. Both sides have demon­strated they are aware that they lose more than gain from be­ing at odds with one an­other.

The rest of the in­ter­na­tional com­mu­nity also hopes the two can re­solve their dis­pute since it would help bol­ster the shaky global eco­nomic growth, which, ac­cord­ing to the World Bank’s lat­est fore­cast, could drop to 2.9 per­cent this year from 3 per­cent last year.

But op­ti­mism must be tem­pered by re­al­ism, as the state­ment re­leased af­ter the meet­ing on Wednesday said, the talks have only laid the foun­da­tion for solv­ing the prob­lems, which means ma­jor dif­fer­ences re­main be­tween the two sides. There will need to be more ne­go­ti­a­tions to carry on the progress made in this week’s talk.

How­ever, an early con­clu­sion to the dis­pute would serve the in­ter­ests of both sides, as well as other coun­tries, given the im­pact the world’s two largest economies have on the world econ­omy. And the key to un­lock­ing a so­lu­tion lies in the will­ing­ness and sin­cer­ity of both sides to seek a so­lu­tion through equal-footed con­sul­ta­tions.

The ex­pe­ri­ence over the past nine months have proved that it is un­re­al­is­tic for the US to uni­lat­er­ally force its terms on China with the stick of tar­iffs while in­cur­ring no eco­nomic cost to it­self.

Such mis­cal­cu­la­tion should not be re­peated since it would not help solve prob­lems but only worsen the sit­u­a­tion. Find­ing a way to ex­change mu­tual re­wards rather than pun­ish­ments will bet­ter serve both coun­tries’ long-term in­ter­ests.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.