Na­tion shouldn’t lose strate­gic focus in talks

Flip-flops by US ad­min­is­tra­tion call for new tac­tics: ex­perts

Global Times US Edition - - BIZUPDATE - By Chu Daye

China should in­crease the breadth and depth of its re­form and openingup, boost­ing the vi­tal­ity of the do­mes­tic econ­omy and win­ning over global part­ners in the trade war with the US, Chi­nese an­a­lysts said on Mon­day, after the Trump ad­min­is­tra­tion once again showed its volatile na­ture on the heels of the 12th round of bi­lat­eral trade con­sul­ta­tions.

Par­tic­i­pants at­tend­ing a sem­i­nar held at the Na­tional Academy of De­vel­op­ment and Strat­egy at Ren­min Univer­sity of China said the world’s sec­ond-largest econ­omy should im­prove the qual­ity of man­u­fac­tur­ing, de­velop al­ter­na­tive mar­kets for ex­ports and im­ports, push for­ward re­gional trade deals such as the Re­gional Com­pre­hen­sive Eco­nomic Partnershi­p (RCEP) and even con­sider join­ing the Com­pre­hen­sive and Pro­gres­sive Agree­ment for Trans-pa­cific Partnershi­p (CPTPP) to boost trade.

The com­ments were made after US Pres­i­dent Don­ald Trump threat­ened on his Twit­ter ac­count on Thurs­day that the US will im­pose an ad­di­tional 10 per­cent tar­iff on $300 bil­lion worth of Chi­nese im­ports.

Trump’s threats were strongly op­posed by the Chi­nese For­eign Min­istry and the Min­istry of Com­merce, which vowed nec­es­sary coun­ter­mea­sures to safe­guard the na­tion’s core in­ter­ests.

The world has seen US “max­i­mum pres­sure” tac­tics so of­ten that the ef­fect is di­min­ish­ing, said Huo Jian­guo, a vice chair­man of the China So­ci­ety for World Trade Or­ga­ni­za­tion Studies.

Nonethe­less, ex­perts said to deal with ha­bit­ual flip-flops by the Trump ad­min­is­tra­tion and re­solve bi­lat­eral is­sues that in many cases go far be­yond trade, China needs to tap the power of re­form and open­ing-up to stay un­beaten.

Ex­perts said that China should im­prove its man­u­fac­tur­ing ca­pac­ity to move up in the in­dus­trial value chain, di­ver­sify its im­port sources and ex­port des­ti­na­tions and fos­ter trade with key trad­ing part­ners like the mem­ber coun­tries of the As­so­ci­a­tion of South­east Asian Na­tions (ASEAN).

“Given the ex­port con­trols the US has long placed on China, US prod­ucts that are ex­ported to China such as scrap and agri­cul­tural prod­ucts are highly re­place­able,” Zhao Zhongxiu, pres­i­dent of the Shan­dong Univer­sity of Finance and Eco­nomics, said.

Join­ing re­gional trade pacts such as the RCEP should be given pri­or­ity, Yu Miao­jie, deputy dean with the Na­tional School of De­vel­op­ment at Pek­ing Univer­sity, said dur­ing the sem­i­nar.

China could even con­sider join­ing the CPTPP, Yu said.

“One of the is­sues China’s trad­ing part­ners are not happy with is China’s en­force­ment [on pledges], though China is ac­tu­ally do­ing a good job,” Yu said.

“How can we show the world we are do­ing what we said we would? Join­ing the CPTPP could help show the world that.”

Sev­eral ex­perts at the sem­i­nar said it could be a decade-long strug­gle and the US could make peace with it­self in treat­ing China as its equal and only when China’s eco­nomic out­put rose to be 1.5 times that of the US.

Suc­cess­fully walk­ing away from a brawl with the US will be the com­ing-ofage mo­ment of China as a global su­per­power, Huo said.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.