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SCIO briefing on facts and China's position on China-US trade friction

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Speakers:
Fu Ziying, China International Trade Representative, vice minister of the Ministry of Commerce

Wang Shouwen, vice minister of the Ministry of Commerce, Deputy China International Trade Representative

Lian Weiliang, deputy head of the National Development and Reform Commission

Luo Wen, vice minister of the Ministry of Industry and Information Technology

Zou Jiayi, vice minister of the Ministry of Finance

He Hua, deputy head of the National Intellectual Property Administration

Chairperson:
Guo Weimin, vice minister and spokesperson of the State Council Information Office

Date:
September 25, 2018

Bloomberg:

What expectations do you think the U.S. negotiators have for China-U.S. economic and trade frictions? What do they expect from the negotiations?

Wang Shouwen:

There have been four rounds of high-level negotiations between China and the U.S. As I have mentioned already, the two sides have reached much consensus during the negotiations, and even issued a joint statement. However, it is very regrettable that the U.S. administration has backtracked and reneged on the consensus achieved, thus escalating the trade frictions. These moves harm not only China-U.S. trade, but also the interests of American workers, farmers, herders, companies and consumers, about which other WTO members around the world are also concerned. We do not know why the U.S. has backtracked and reneged in this way. Actually, the trade war waged by the American administration has brought the U.S. no benefits. The U.S. is a major source of China's agricultural imports; however, from January to July this year, China's agricultural imports from other countries, including Brazil and Australia, increased significantly, while those from the U.S. rose only slightly. The U.S. was long the largest supplier of cars to the Chinese market; now, however, Germany has replaced the U.S. In the Chinese market, the supply of Japanese and German-made cars is growing, while that of American cars is falling. The trade measures of the U.S. have not cut its global trade deficit. Instead, its trade deficit with both China and other parts of the world are increasing. Therefore, we believe that a trade war is not in the interests of China, nor is it in the interests of the U.S. Terminating the trade war is the way out. China International Trade Representative Fu Ziying mentioned just now that the China-U.S. trade volume amounts to US$700 billion. For such a large trade volume, it is normal for there to be trade disputes between the twosides. As long as both conduct equal negotiations in a spirit of good faith and credibility, I believe that there will be a way out through negotiations. Thank you.