China wants to re­solve trade dis­pute with US

The Myanmar Times - - Business | International -

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.

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