A mutually beneficial and win-win agreement between China and the United States not only benefits both peoples but also meets the general expectation of the international community, a foreign ministry spokesperson has said.
In response to a query about US Trade Representative Robert Lighthizer’s remarks during Tuesday’s Senate hearing on US-China trade frictions, spokesperson Lu Kang said that everybody has taken notice of the telephone conversation between Chinese President Xi Jinping and US President Donald Trump.
During the talk, Trump noted his country valued its economic and trade cooperation with China and hoped that the teams on both sides can find a way to resolve the current dispute as soon as possible.
The Chinese president said he stands ready to meet Trump in Osaka to exchange views on fundamental issues concerning the development of China-US relations.
Trump also said he believed the entire world hoped to see the United States and China reach an agreement.
Lu added: “We have repeatedly stressed that the differences between China and the US in economy and trade can be resolved by dialogue and consultations, as long as such talks are based on mutual respect, equality and mutual benefit.”
The most important thing in consultations is to accommodate each other’s legitimate concerns and find a solution acceptable to both parties, Lu added.
“There is no way out if the principle is broken,” Lu said.
Substantial discussions on trade, including reform of the World Trade Organization, will likely take place at a summit of Group of 20 major economies next week in Osaka, a senior Japanese finance ministry official said.
Japan, which chairs this year’s G20 gatherings, will urge countries to resolve tensions with a multilateral framework, said Masatsugu Asakawa, vice finance minister for international affairs.
“With regard to differences (on trade) between the United States and China, Japan of course won’t take sides,” said Asakawa, who oversaw the G20 finance leaders’ gathering earlier this month.
“Japan will continue to take a multilateral approach in promoting free trade.”
At the finance leaders’ gathering, the G20 issued a communique warning that trade and geopolitical tensions have “intensified” and that policy makers stood ready to take further action.
“The macro-economic impact (of trade tensions) is an issue of concern,” Asakawa said.
More “concrete” discussions on trade policy will take place at the G20 Osaka summit.
The row over trade appeared to spread to currency policy when Trump criticized European Central Bank President Mario Draghi’s dovish comments as aimed at weakening the euro to give the region’s exports an unfair trade advantage.
Asakawa rebuffed the view the Bank of Japan’s massive stimulus program could also provoke the ire of Trump.