China wants to resolve trade dispute with US
CHINESE Vice President Wang Qishan said Tuesday that China is ready to embrace greater openness and work with the United States to resolve their escalating trade war.
“China will stay calm and soberminded, embrace greater openness and work for mutual benefit,” Wang said in a keynote speech at the Bloomberg New Economy Forum in Singapore. “The Chinese side is ready to have discussions with the U.S. on issues of mutual concern and work for a solution in trade acceptable to both sides.”
Wang said that trade and economic cooperation remain the anchor and propeller of a steady and healthy China-U.S. relationship. “It is our firm belief that China and the U.S. will both gain from cooperation and lose from confrontation. Our relationship will have a direct impact on global stability and development.”
The vice president expressed concern over rising populism and unilateralism, an apparent jab at U.S. President Donald Trump’s “America first” policy. “Economic globalization is not a zero sum game,” he said.
He also said China rejects “Cold War mentality and power politics” and instead believes in an open, inclusive and balanced economic globalization where “its benefits are shared by all.”
Wang’s speech came a day after Chinese President Xi Jinping, in a speech at the inaugural China International Import Expo in Shanghai, warned against “unilateral trade protectionism” and said China is eager to “voluntarily open its markets to the world.”
The world’s two largest economies have engaged in tit-for-tat rounds of punitive tariffs on hundreds of billions of dollars of each other’s imports, with Trump accusing China of having long taken advantage of the United States.