China ready to re­solve trade dis­pute with US

Beijing says it sees no win­ners in trade war

The Star Malaysia - StarBiz - - Front Page -

SIN­GA­PORE: China is ready to hold dis­cus­sions and work with the United States to re­solve trade dis­putes be­cause the world’s two largest economies stand to lose from con­fronta­tion, vice-pres­i­dent Wang Qis­han said.

Beijing and Wash­ing­ton have im­posed tit­for-tat du­ties on each other’s goods over recent months, with nei­ther side back­ing down from a in­creas­ingly bit­ter trade dis­pute that has jolted fi­nan­cial mar­kets and cast a pall over the global econ­omy.

The fo­cus is now on US Pres­i­dent Don­ald Trump’s meet­ing with Chi­nese Pres­i­dent Xi Jin­ping at the end of the month.

Trump has threat­ened to im­pose fur­ther tar­iffs on US$267bil of Chi­nese im­ports into the United States if the two coun­tries can­not reach a deal on trade.

“Both China and the US would love to see greater trade and eco­nomic co­op­er­a­tion,” Wang told the Bloomberg New Econ­omy Fo­rum in Sin­ga­pore.

“The Chi­nese side is ready to have dis­cus­sions with the US on is­sues of mu­tual con­cern and work for a so­lu­tion on trade ac­cept­able to both sides.

“The world to­day faces many ma­jor prob­lems that re­quire close co­op­er­a­tion be­tween China and the United States,” he said.

“It is our firm be­lief that China and the US will both gain from co­op­er­a­tion and lose from con­fronta­tion.”

Wang echoed com­ments by Pres­i­dent Xi on Mon­day at a ma­jor trade expo that Beijing will em­brace greater open­ness, amid mount­ing fric­tions with the United States. Trump has railed against China for what he sees as in­tel­lec­tual prop­erty theft, en­try bar­ri­ers to US busi­ness and a gap­ing trade deficit.

“Neg­a­tiv­ity and anger are not the way to ad­dress the prob­lems that have emerged in eco­nomic glob­al­i­sa­tion, nor will bar­ri­ers or dis­putes help solve one’s own prob­lems,” Wang said. “In­stead they would only ex­ac­er­bate global mar­ket tur­bu­lence.”

Beijing sup­ported the set­tle­ment of in­ter­na­tional dis­putes via rules and con­sen­sus and stood against uni­lat­er­al­ism and pro­tec­tion­ism, he added.

“Trade and eco­nomic co­op­er­a­tion re­main the an­chor and pro­pel­ler of a steady and healthy China-US re­la­tion­ship which is in essence mu­tu­ally ben­e­fi­cial.

“China will stay calm and sober-minded, em­brace greater open­ness and work for mu­tual ben­e­fit.”

The United States and China would hold the top-level diplo­matic and se­cu­rity di­a­logue in Wash­ing­ton on Fri­day, the US State Depart­ment said. Trump, who is ex­pected to meet Xi at the G20 sum­mit in Ar­gentina later this month, said on Mon­day China wanted to make a deal.

“If we can make the right deal, a deal that’s fair, we’ll do that. Oth­er­wise we won’t do it.”

It is our firm be­lief that China and the US will both gain from co­op­er­a­tion and lose from con­fronta­tion.

Wang Qis­han

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