China has the perseverance to handle this trade war

BEIJING, July 10, 2018 /PRNewswire/ -- A news report by China.org.cn on the United States igniting the largest trade war in economic history by slapping 25 percent tariffs on Chinese products worth US$34 billion:

Despite the announcement by the Chinese Ministry of Commerce that China would not be the one to fire the first shot, a trade war has still broken out.

On July 6, the United States ignited the largest trade war in economic history by slapping 25 percent tariffs on Chinese products worth US$34 billion. These tariffs stand in violation of the rules of the World Trade Organization (WTO). In response to the U.S. action, the Ministry of Commerce has said that China must take necessary countermeasures to safeguard national interests.

In past months, several rounds of negotiations were held between Chinese and U.S. officials. The Trump administration changed its attitude frequently, first asking for truces and then threatening strikes, over and over again. But the apparently inconsistent attitude was only a tactic. Its strategy has in fact never changed. It is determined to use a trade war and any other approach it can to impede China's progress.

If we look back over the past decades, we will draw a clearer picture of the situation. The hostility towards China by some American politicians comes from distinct differences in social systems and has profound historical roots. From the Truman Doctrine, to President Nixon's book "1999: Victory Without War," to Secretary of State Madeleine Albright's hailing of the internet as a way of opening up China to foreign ideas, to all the actions of the Trump administration, we can clearly see that Washington's attitude toward China has never changed. The only difference is that as a former businessman, President Trump doesn't use the conventional approaches of politicians, and that his overly flamboyant gestures leave the rest of the world dazzled.

In our previous programs, we have discussed the nature of the trade conflict between China and the United States, a long-term problem caused by the respective economic structures of the two countries. Trade conflicts between China and the United States were nothing exceptional in the past. It is impossible to solve the problem in the short-term, and Washington's threats or extortion of China will lead nowhere.

This year marks the 40th anniversary of China's reform and opening-up. China is now at a crucial stage of improving its economic structure, as well as its trade and investment environment by strengthening its economic and trade cooperation with the European Union, Japan, the Republic of Korea, the Association of Southeast Asian Nations and Africa. And with the advancement of the Belt and Road Initiative, China has intensified its economic, trade and cultural cooperation with countries along the B&R routes as well. The close ties between China and these countries and regions will help offset, to the utmost extent, the negative effects of the trade war launched by the U.S. and will open new spaces for China's development.

This year also marks the 17th anniversary of China's accession to the WTO. China has faithfully fulfilled its commitments since joining the organization in 2001. China recently unveiled a new negative list for foreign investment, cutting automobile import tariffs and loosening restrictions on foreign investment in sectors including banking, heavy industry and agriculture. While the U.S. is closing its doors to the world, China is accelerating the opening up of its markets.

In the face of provocation from the U.S., China has the ability and perseverance to handle a "protracted war," and nothing can shake its resolve and efforts to safeguard free trade and multilateralism.

China Mosaic
http://www.china.org.cn/video/node_7230027.htm

China has the perseverance to handle this trade war
http://www.china.org.cn/video/2018-07/10/content_55974510.htm 

About China.org.cn

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SOURCE China.org.cn