China Global Television Network (CGTN):
We know that the Sino-U.S. trade frictions have persisted for one year since March 2018. I'd like to ask how the trade friction has affected the economic data in the first quarter. Could you please give an analysis on it? Thank you.
Mao Shengyong:
Thank you for your question. Since the second half of 2016, the world economy has recovered following seven to eight years of adjustment. In 2017, the overall recovery momentum of the world economy was relatively strong, but since 2018, it has been slowing down. Later, we find that global economic growth is slowing down and international trade expansion is also slowing down. What is the reason? I think a very important reason is that the rise of international trade protectionism started to intensify in 2018, indicating that protectionism is not conducive to economic growth or world trade growth, and is harmful to the world economy.
As for the issue of Sino-U.S. economic and trade frictions you have asked, the Sino-U.S. economic and trade consultations have been carried out for nine rounds, and positive signals have been continuously released, indicating that the negotiations have made substantial progress. We have seen that every time the Sino-U.S. economic and trade consultations release a positive signal, the international capital market and international companies respond positively, and the market shows a very active state. To strengthen economic and trade exchanges and maintain normal mutually beneficial economic and trade cooperation is not only beneficial to both sides, but also conducive to the development of the world economy and the recovery of international trade. Thank you.
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