China’s countermeasures in the trade war are justifiable, legitimate: experts

By Du Haitao, Lin Lili from People’s Daily

 

China’s countermeasures in the trade war are justifiable and legitimate, experts pointed out, believing that such response aims to safeguard China’s core interests and fundamental interests of its people, as well as to protect the principle of free trade and the multilateral trading system.

 

“The Chinese side insisted on not firing the first shot, and was forced into taking reciprocal countermeasures after the US first started the trade war,” China’s Ministry of Commerce stressed in its recent statement.

 

China declares determination to guard multilateral trading system

 

“China was forced into taking reciprocal countermeasures, which indicated its strong resolution to oppose unilateralism, support the multilateral trading system, and protect the authoritativeness and effectiveness of the system,” said Zhang Yansheng, chief researcher with the China Center for International Economic Exchanges (CCIEC).

 

China’s countermeasures start from its determination to safeguard its core national interests and the fundamental interests of its people, Zhang said, adding that against the backdrop of intertwined world economy, the US is simply adopting a bullying practice with unilateralism and protectionism by initiating the trade war.

The US is seemingly trying to reduce trade deficits under the banner of imbalanced trade, but it indeed hopes to comprehensively contain the development of other countries, the expert unmasked the veil of the US.

 

Statistics showed that nearly 60 percent of the products on the $34 billion tariff list of the US are produced by foreign enterprises in China, and a considerable part of them comes from the US itself.

 

In light of this, by unilaterally initiating the trade war, the US side is firing at the whole world as well as itsel, said Zhang, explaining that such irrational act is extremely dangerous and will lead to a lose-lose situation.

 

The multilateralism, free trade and rules-based order are pit against unilateralism, protectionism and power games, researcher Sun Jie from the Institute of World Economics and Politics under Chinese Academy of Social Sciences pointed out.

 

Sun believes that the core of the trade war lies in the intention of the US to abandon the existing multilateral trading system and highlight the so-called fairness and reciprocal opening in bilateral trade relations, so that it will be able to increase tariffs on a unilateral basis.

 

Such practice has brought huge impacts and destruction to the current global trade system, he warned.

 

“Sustainable and win-win results never come along with unilateral act that goes against multilateral system or global governing principles,” the researcher noted.

China’s reciprocal countermeasures after the irrational move of the US, as well as its complaint of such unilateral practice to the World Trade Organization (WTO) are totally in line with the fundamental principles and spirit of the international law, he stressed.

China is supported by international morality, Sun said, adding that the international society should work together to resolutely oppose unilateralism and protectionism.

An opener China will benefit world more

 

China will never back down from the trade war, said Chen Wenling, chief economist of the CCIEC.

 

It will work with other countries to safeguard the global free trade system, multilateral mechanism, and international rules, she noted, adding that the country will focus on its own issues and firmly carry forward reform and opening up.

 

Chen remarked that the US’ denial of the globally accepted multilateral trading system is a willful violation of the international rules and order, putting negative impacts on global trade system, as well as the global industrial, supply and value chains.

 

In a belief that such movement of the US will not only hurt China, but also the US and the world economy at large, Chen called on the world to firmly oppose the bullying practices of the US and protect the principle of free trade and the multilateral trade system.

 

China is the world’s only country that has established a whole industrial chain. It has a huge domestic market and development potential, thus enjoying a larger elbow room when facing with external impacts, said Bai Ming, deputy director of the International Market Research Institute under the Ministry of Commerce.

 

“The US will finally expose its weaknesses and problems as time goes by, and the country will gradually get stung by China’s countermeasures,” Bai said, explaining that China has always been a country that is able to bounce high when pressed by external forces.

 

China has already showcased its resolution to further open up, which can be evidenced by the slew of new measures regarding opening up in just four days from June 26 to July 1.

 

The country also issued two new negative lists: one that applies to the free trade zones and another for the rest of the country, largely lowering the market access.

 

In addition, it rolled out new regulation for foreign enterprises registration, allowing simultaneous online documentation and commercial registration for overseas companies coming to China. Besides, it also substantially lowered the tariffs of wholesale automobiles, auto parts, cosmetics and aquatic products.

 

“A more open China will definitely bring more opportunities for the world,” Bai noted.

 

 

 

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