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Oppose Trade Bullying, Embrace Win-Win Cooperation
2019/09/05

On September 5th, 2019, Chinese Ambassador to India H.E. Sun Weidong published an article "Oppose Trade Bullying, Embrace Win-Win Cooperation" in The Times of India. The full text is as follows:

Recently, the US has escalated trade frictions with China, repeatedly imposed tariffs and raised tariff rates on Chinese exports. It even threatens to demand American companies to leave China. Such trade bullying challenges multilateralism and rules with unilateralism and power politics. It will only cause a lose-lose scenario where both US and world economy suffer seriously.

The unilateral trade protectionist measures and maximum pressure seriously violate the consensus between leaders of China and US and run counter to the principle of mutual respect, equality and mutual benefit. Since China-US trade talks began in February 2018, US has gone back on its words and broken promises multiple times. In May 2018, US violated the consensus of “no trade war” stipulated in the Joint Statement between the two countries reached that month. In May 2019, US overthrew the consensus of “no new tariffs” reached between the two leaders in Argentina. In August this year, it again broke the promise of “no additional tariffs on Chinese exports” reached during the Osaka summit of the two leaders. US is solely responsible for the lingering US-China trade talks.

The US accusations against China are groundless. US labeled China as “currency manipulator”, but a recent IMF report reaffirmed that the RMB exchange rate basically conforms to China’s economic fundamentals. US accused China of not taking concrete actions to purchase US agricultural products. In fact, China has purchased a large amount of US soybeans, sorghum, wheat, and pork. US claimed that China didn’t take effective measures and stop fentanyl export to US, even though Chinese government adopts a zero-tolerance approach towards drugs and taken effective measures to strictly regulate fentanyl. The cliché of China “stealing IPR” is non-sense, as China’s vigorous measures and rapid progress in IPR protection is highly regarded across the world.

Besides putting maximum pressure on trade issue, US has taken a host of wrong measures to interfere with China’s internal affairs and undermine China’s core interests, including on matters concerning Taiwan and Hong Kong. China is ready to work with US to push forward a China-US relationship that is coordinated, cooperative and stable. We urge US to act with reason and stop doing the wrong things. China will resolutely safeguard its sovereignty, security and development interests. We will never give in on major issues of principle, nor bow to any maximum pressure, coercion or blackmail. The Chinese nation is peace-loving. Aggressiveness is not in our DNA. But if the fight is brought to our door-step and China’s interests are endangered, we will hit back resolutely. China doesn’t want trade war, but is never afraid of it. We have confidence and resilience to meet any risks and challenges.

Trade bullying is poisonous. It hurts oneself as well as others. The unilateral trade protectionist measures by US seriously violate WTO rules, damage multilateral trading system and normal international trade order, disrupt global industrial and supply chains, and have a recessionary effect on world economy. An IMF report indicates the escalating US-China trade war could reduce world economic output by 0.5 percent, or about $455 billion, in 2020. According to a poll, 35% of those from US business community believe US economy will slip into recession within 12 months. The manufacturing PMI in US fell below 50 for the first time since 2009 as the sector contracted. The threat of decoupling US and Chinese economies has triggered a sharp fall in US stock market and commodity prices. It has been strongly questioned and opposed by all stakeholders including US companies.

Multilateralism will replace unilateralism. Win-win cooperation will replace zero-sum game. This is an irreversible trend of history. The necessary counter-measures China takes against US are meant to uphold multilateralism and free trade. This serves the common interests of the international community. China’s door to reform and opening-up will not close. It will only open wider and wider to offer more opportunities to other countries. This year marks the 70th anniversary of the founding of the People’s Republic of China. China has become the world’s second largest economy and contributed over 30% to world economic growth for many years. China’s achievements prove that peaceful development, openness, inclusiveness and win-win cooperation lead to prosperity of a country and happiness of its people. China will stand shoulder to shoulder with the world, follow the trend of the times, fulfill its responsibilities and uphold justice and the greater good. China will unswervingly advocate economic globalization, uphold multilateral trading system with WTO at its center and jointly promote an open world economy.

China and India are major developing countries and emerging economies. Both have the historical mission to achieve national renewal and people’s happiness. Both need a favorable and stable external environment to realize these goals. India itself has experienced the pain of trade bullying. If trade bullying has its way and global free trade system is undermined, The rest of the world will also suffer from the spillover. China and India share interests in upholding normal world trade order and advocating win-win cooperation. I believe people of vision here will realize that China and India have the responsibility and necessity to jointly oppose trade bullying, uphold multilateral trading system and the interests of developing countries, and build a new type of international relations and a community with a shared future for mankind.

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