Chinese Vice Premier Liu He said China strongly opposes the U.S. practice of increasing tariffs on Chinese imports and believes cooperation is the only right option for both sides.
The practice is harmful not only to China and the United States, but to the world at large, and China will have to take necessary countermeasures, Liu said.
Three core concerns of China
Stressing that any agreement on their trade dispute must be equal and mutually beneficial, Liu said that the two nations have reached important consensuses in many areas, but three unsettled core concerns of China must be addressed.
The first is to remove all the additional tariffs, he said, adding that the levy of those tariffs is the starting point of the ongoing bilateral trade dispute and must be totally revoked if the two sides are to reach a deal.
The second is that the agreed purchases should be realistic. The two sides reached consensus on the volume in Argentina last year, Liu said, and should not change it randomly.
The third is to improve the balance of the wording of the text. On this point, the vice premier said every country has its dignity, the text must be balanced and more discussions are needed on some critical issues.
Liu said it is just normal for there to be ups and downs in bilateral consultations and it is irresponsible to casually accuse one party of “backtracking” while the two sides are still negotiating.
China is optimistic about its economy
As for China, the vice premier said the most important thing is to focus on its own business.
China enjoys huge domestic market demand, the implementation of supply-side reforms will comprehensively boost the competitiveness of Chinese products and enterprises, and there is still ample room for fiscal and monetary policy maneuvers, he said, adding that the Chinese economic prospects are very encouraging.
Liu pointed out that it is a good thing for a major country to encounter some twists and turns in its development, as they can serve as an ability test.
Liu made the remarks at the end of the 11th round of China-U.S. high-level trade talks, which took place from May 9-10 in Washington.
Source(s): Xinhua News Agency