China, U.S. take further step toward solution to trade issue
By Zhong Sheng
China and the U.S. officially signed
the phase-one economic and trade agreement in the White House on Jan. 15, 2020
local time.
The high-level signing ceremony was
witnessed by over 200 executives and accompanied by lasting applauses, which
signaled the aspiration for a truce of the trade war.
It is recognized that this result is a
step forward to a solution that conforms to the common interests of both China
and the U.S., and benefits the world peace and prosperity.
The active responses given by the
international market on Dec. 13, 2019, when the two countries declared they have
agreed on the text of a phase one economic and trade agreement, are still
remembered today. It demonstrated the excitement of the enterprises and markets
of both countries. A U.S. official even described that the agreement amounts to
"probably the most momentous day in trade history ever."
In contrast, before the message was
released, Managing Director Kristalina Georgieva of International Monetary Fund
(IMF) cited Russian poet, Alexander Pushkin to describe the global economy in
last October, saying "The breath of autumn begins to ice the roadway".
That's why she hailed that China and the U.S. have reached a strong trade deal
at the signing ceremony of the phase-one trade deal.
China-U.S. trade relations had an
unusual experience in the recent two years. The two countries went through
confrontations and signs of reconciliation, which worried the international
society and created uncertainties for the global economy.
The public, from both China and the
U.S., as well as the rest of the world, are in urgent demands of a global
supply chain and a global value chain that run virtuously. They anticipate the
general trend of economic globalization to bring prosperity.
How to conform to and lead this trend
has become the most important responsibility of the largest two economies of
the world.
To stop the trade war, both parties
must meet each other halfway and manage disputes. Great philosopher Mencius in
ancient China said, "Things are born to be different."China and the
U.S. differ in history, culture, tradition, social system, and development path
and phase.
To treat the differences in an
objective and rational manner, to explore the significance of mutual learning and
common progress dialectically, and to profoundly comprehend the importance of
cooperation remain the only right choice for the two countries. To blaze a
trail of win-win results and seek common ground while shelving differences
calls for remarkable strategic vision and political wisdom.
Since 2018, the heads of state of both
China and the U.S. have held two meetings and had seven phone calls, building
consensus, setting principles and guiding the direction for solving the
China-U.S. economic and trade issue.
Under the guidance of the consensus
reached between the two heads of state, the two countries held 13 rounds of high-level
economic and trade consultations. The chief of the Chinese side of the China-U.S.
comprehensive economic dialogue had over 20 phone calls with U.S. Trade
Representative and Treasury Secretary.
It was an arduous progress, during
which China had always stayed rational and calm and responded from the
perspective of the common interests of both parties as well as the world trade
order despite rains and storms. China has observed the principle of resolving
disputes through dialogue and consultation, and answered the U.S. concerns with
the greatest level of patience and good faith. The Chinese side has been
dealing with these differences with an attitude of seeking common ground while
shelving divergence. It has overcome many difficulties and proposed practical
solutions.
The trade deal is a hard-won result
coming from alternative fights and talks, as well as setbacks - a process
during which China and the U.S. have seen each other's resolutions and
capabilities. Only by guiding practices with correct philosophy can the two
countries be worthy of the efforts they have made.
To be objective, the phase-one economic
and trade deal manifests the concerns of both China and the U.S., and is
reached based on the principle of equality and mutual respect.
The trade deal proves that win-win
cooperation is a mainstream that China and the U.S. must stick to during
economic and trade cooperation. As long as they always respect each other's
national dignity, sovereignty and core interests, they can overcome the
difficulties as they march forward.
To obey the agreement helps China and
the U.S. expand trade cooperation, especially the optimization of resources and
the restructuring of economy. It will also project a more stable expectation
for both Chinese and U.S. enterprises, as well as global investors. This
represents the common interests of global producers, consumers and investors.
China-U.S. economic and trade relations
went from the historic handshake between late Chinese Premier Zhou Enlai and
late U.S. President Richard Nixon to the "cooperation across the Pacific
Ocean", and both countries should maintain sound momentum for development
of this relationship.
The phase-one economic and trade deal
reached between China and the U.S. is generally in line with the direction of
China's efforts to deepen reform and expand openness, and conforms to the
internal demand of China to promote high-quality economic development.
China will continue to run its own
affairs well, and deepen reform and expand openness according to its own
development.
The
basic trend of steady long-term growth for China's economy remains unchanged.
As China's domestic market keeps expanding,
Chinese enterprises will increase the import of high-quality and competitive
products and services from other countries including the U.S. in accordance
with the rules of the World Trade Organization as well as market and commercial
principles, which will facilitate the consumption upgrading and help the
country meet people's ever-growing needs for a better life.
Cooperation is better than friction,
and dialogue surpasses confrontation. The solving of the China-U.S. trade issue
is long-term, complex, and onerous in nature, and it calls for unremitted
efforts to safeguard the economic and trade cooperation between the two
countries.
The practices over the past 40 years
since China and the U.S. established diplomatic ties prove that a peaceful and
harmonious bilateral relationship between these two countries will always make
both winners, while a confrontational one will make both losers.
As long as they respect each other's
core interests and major concerns, obey the rules of equity and
mutual respect, and have an unshakable resolution, there will always
be more solutions than obstacles.
At present, the two countries have
agreed to establish a bilateral assessment and dispute settlement mechanism,
which is of vital importance for them to jointly make constructive plans
through consultation, avoid further escalation, and protect stable development
of bilateral economic and trade relations.
Xi said in his speech delivered at the 2017
World Economic Forum in Davos, Switzerland that in the face of both opportunities
and challenges of economic globalization, the right thing to do is to seize
every opportunity, jointly meet challenges and chart the right course for
economic globalization.
In the same year when meeting his U.S.
counterpart, the Chinese President also stressed that there are a thousand
reasons to make China-US relations a success, but not a single reason to break
it.
China and the U.S. share broad common
interests and are very influential for the healthy and stable development of
the world economy. At present, China-U.S. economic and trade relations are on a
new starting point, and the two countries are shouldering huge responsibilities
to take care of the interests of the people from both countries and the rest of
the world, to propel a China-U.S. relationship based on coordination,
cooperation and stability, and to always grasp the correct direction of
history.
(Zhong Sheng is a pen name often used
by People's Daily to express its views on foreign policy.)
China, U.S. take further step toward solution to trade issue
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