See More on Facebook

Economics

Optimism over future Sino-US ties

Complementary nature of economies remains despite frictions, experts say.


Written by

Updated: October 5, 2018

The rising rivalry between China and the United States will not change the overall picture of the two nations’ economic complementarity, according to Long Guoqiang, vice-president of the Development Research Center of the State Council.

Recent trade frictions will inevitably affect the healthy development of Sino-US economic and trade relations in the short term; however, the relationship will continue to deepen in the long term despite trade frictions, Long said in a recent interview.

“As the two largest economies in the world, China and the US are complementary in terms of industrial structures, technologies and resources,” Long said. “The governments should create a better environment for bilateral cooperation, which will offer substantial and potential benefits for both sides. I believe that with eventual consultation and negotiation to address the concerns of both, Sino-US economic and trade relations will rise to a higher level in both scale and content after 10 years.”

China-US trade tensions have been mounting over the past several months. In late September, additional US levies on $200 billion worth of Chinese goods came into force, followed by Beijing’s tariffs on about $60 billion worth of US imports.

Long reiterated that in order to mitigate the protectionist moves of the US, China was left with no choice but to take countermeasures.

“To safeguard its national dignity and interests, China has to take countermeasures. The Chinese government has been quite restrained and has never thought of taking the initiative to fuel the escalation of trade frictions,” Long added.

He said that China’s main strategy now is to resolve the two sides’ concerns through equal negotiations and then promote the healthy development of Sino-US economic relations and trade.

Long said the Sino-US economic and trade relationship had encountered headwinds in the past few decades, but their comprehensive and mutually beneficial ties remained unchanged because their bilateral cooperation is complimentary.

The white paper titled The Facts and China’s Position on China-US Trade Friction said the two countries are at different stages of development and have different economic systems, and therefore some level of trade friction is only natural. “The key, however, lies in how to enhance mutual trust, promote cooperation and manage differences.”

Both have made tremendous efforts over the past 40 years to overcome all kinds of obstacles and move economic and trade relations forward, which has served as the ballast and propeller of the overall bilateral relationship, according to the white paper.

According to a US-China Business Council report, 97 per cent of surveyed US companies reported their China operations were profitable this year.

It found China remains among the top priority markets for 90 per cent of those US companies. Most plan to maintain or accelerate their resource commitment to China in the coming year.

Erin Ennis, senior vice-president of the council, said: “The issues in the bilateral relationship are difficult ones, but they are solvable. Solutions will require detailed negotiations to address the problems — but it will be worth the time and effort for both economies, and for both American and Chinese companies.”



Enjoyed this story? Share it.


China Daily
About the Author: China Daily covers domestic and world news through nine print editions and digital media worldwide.

Eastern Briefings

All you need to know about Asia


Our Eastern Briefings Newsletter presents curated stories from 22 Asian newspapers from South, Southeast and Northeast Asia.

Sign up and stay updated with the latest news.



By providing us with your email address, you agree to our Privacy Policy and Terms of Service.

View Today's Newsletter Here

Economics

Trump warns N Korea could lose ‘everything’ with hostile acts

Clear warning to Kim regime to refrain from provocations such as nuclear and missile tests. WASHINGTON — US President Donald Trump said Sunday that North Korean leader Kim Jong-un could lose “everything” if he acts in a hostile manner, sending a clear warning to the regime to refrain from provocations such as nuclear and missile tests. Trump sent the tweet as the two countries have exchanged heated rhetoric over their stalled negotiations on dismantling Pyongyang’s nuclear weapons program. Earlier Sunday, North Korea said it had conducted an unexplained “very important test” at its Dongchang-ri satellite launching site, prompting speculation of preparations for a new long-range missile test. But the US president also signaled his commitment to continuing diplomacy with Kim, saying the North Korean leader is “too smart” to be rash. “Kim


By The Korea Herald
December 9, 2019

Economics

7 of 10 Filipinos worried by presence of Chinese workers

China has increased its presence in the archipelago. The rising presence of Chinese workers in the country worry seven out of 10 adult Filipinos, according to the latest Social Weather Stations (SWS) survey, as the government recently launched a crackdown against Philippine offshore gaming operators (Pogos) which mostly employ Chinese nationals. The noncommissioned survey, conducted from Sept. 27 to 30, found that 31 percent “worried a great deal,” while 39 percent are “somewhat worried.” Highest in Metro Manila The proportion of those who were worried about the increasing number of Chinese workers in the country was highest in Metro Manila at 75 percent, followed by the Visayas at 71 percent, Luzon outside Metro Manila (69 percent) and Mindanao (67 percent.) About half of the respondents agree that the rising number of Chinese workers is a threat to national secur


By Philippine Daily Inquirer
December 6, 2019

Economics

Pakistan to launch Digital Pakistan Vision

Imran hopes to unleash ‘potential of youth and women’ with new venture. Prime Minister Imran Khan on Thursday said that with the introduction of the ‘Digital Pakistan Vision’, the full potential of the contribution of youth and the women to the economy will be unleashed. According to a press release from the Prime Minister Office: “The Vision sets Pakistan’s digital ambition and has been designed for the government and the private sector to work towards a digitally progressive and inclusive Pakistan.” Speaking at the launch ceremony of the initiative, the prime minister regretted not having launched it at the very beginning when his government was formed. “I should have given attention to Digital Pakistan earlier. This is the most important thing for Pakistan right now, especially its youth. The whole world is moving forward digitally and we have been l


By Dawn
December 6, 2019

Economics

North Korea has not given up hope for nuclear talks with US yet

Kim has mentioned a possibility of a ‘Christmas’ gift. Tensions between the US and North Korea have heightened as the two sides exchanged threats and bellicose rhetoric of possible military actions if necessary, amid their stalled nuclear talks. But they appear to have no intention to wind up their diplomacy at least for the next few weeks, experts said. On Wednesday, Heino Klinck, US deputy assistant secretary of defense for East Asia, said the US has been refraining from responding to every single one of North On Wednesday, US Deputy Assistant Secretary of Defense for East Asia Heino Klinck said the


By The Korea Herald
December 6, 2019

Economics

Thailand looks to become LNG hub

Energy Minister Sontirat Songtijirawong declared at a conference. The Energy Policy Administration Committee today (December 4) acknowledged the guidelines for turning Thailand into the regional trading hub of liquefied natural gas (LNG). The guidelines came about from a study assigned by the government-appointed energy reform committee to PTT. Energy Minister Sontirat Songtijirawong said that the move was estimated to generate Bt165 billion for Thailand’s economy between 2020 and 2030. The country is expected to start full commercial trading late next year or early in 2021. Thailand has potential to become the regional hub due to its high demand of LNG and its geographical location as the centre of countries with high LNG demand, namely China, India, Japan, Cambodia, and Vietnam. Moreover, Thailand has a supportive infrastructure to serve regional LNG tradi


By The Nation (Thailand)
December 5, 2019

Economics

Pyongyang to hold party meeting ahead of year-end deadline

Kim Jong-un rides up Paektusan again, highlights self-reliance and revolutionary spirit. North Korea will hold a plenary meeting around the end of December to decide on “crucial issues,” its state-run news agency said Wednesday. On the same day, the Korean Central News Agency reported that North Korean leader Kim Jong-un rode up Paektusan on a white horse accompanied by military commanders, raising speculation that the communist regime may take more provocative military actions as the year-end deadline it set for denuclearization talks with the US quickly approaches. North Korea’s Workers’ Party of Korea announced Tuesday that the 5th Plenary Meeting of the 7th Central Committee of the WPK would convene around the end of December, Korea Central News Agency reported, “in order to discuss and decide on crucial issues in line with the needs of the development of the Korean revolution and the chan


By The Korea Herald
December 5, 2019