Dialogue best way to solve Sino-US trade friction

Home>>Business

Last updated at: (Beijing Time) Tuesday, February 10, 2004

Dialogue best way to solve Sino-US trade friction

Business leaders from China and the United States have agreed to depoliticize economic affairs and solve trade frictions through dialogue following a meeting in Beijing on February 9.

DISCUSSION

CHINESE

SEND TO FRIEND

Business leaders from China and the United States have agreed to depoliticize economic affairs and solve trade frictions through dialogue following a meeting in Beijing on February 9.

"Nothing is unsolvable so long as we resort to dialogue and negotiation on an equal basis," Yu Ping, vice-chairman of the China Council for the Promotion of International Trade, said at a China World Trade Organization (WTO) roundtable discussion with a visiting business mission led by the US Chamber of Commerce.

Yu's remarks referred to the increasing number of trade restrictions imposed by the US against China in recent months and complaints about China not fully implementing its WTO commitments.

"US trade protectionism will put a dent on bilateral ties, which is in the interest of none of us," Yu said.

US investors pumped US$43.6 billion in the country from January to November in 2003.

They have shared profits in the world's fastest-growing economy, Yu said on the basis of a survey conducted by the US Chamber of Commerce.

It revealed that 42 per cent of the chamber's members surveyed enjoyed a higher profit growth rate in China compared to the global average.

And Yu also urged the US not to politicize economic issues amid a deepening concern among industries and observers that the US presidential election campaign might intensify trade disputes.

There is a political dynamic in trade affairs, Dan Christman, the US Chamber of Commerce's senior vice-president for international affairs, said.

But he said his chamber will try to "deflect the political dynamics."

Christman is heading the mission to Beijing and Shanghai to find out what changes have taken place in China two years after the nation joined the WTO.

China has achieved "initial progress" in its fulfilment of WTO pledges, a sign he says is encouraging.

"US consumers are benefiting from China's WTO membership," as they find wider access to high-quality yet inexpensive Chinese goods.

"There is no doubt about this," he said.

Many other members of the US delegation also endorsed China's performance.

"Based on the experience of my company, China deserves an A-plus in its opening of the insurance sector," said Raymond Sander, senior vice-president of international government affairs at New York Life International, adding his company is considering expanding business in China.

Gene Theroux, a senior counsel with the law firm Baker and McKenzie, said China has clearly met its obligations in legal services.

"We have no complaints whatsoever," he said.

However, citing the fact that many US politicians are protesting against what they believed is an undervalued Chinese currency and the US trade deficit with China, Christman said they need to find more evidence of China's progress in opening its market to quell these arguments.

He circumvented questions about US restrictions on high-tech exports to China and those pertaining to the legitimacy of arguments about the Chinese currency's value and the US-China trade balance in a global trade system, but insisted that China should heed the calls from the US side.

In the same interview, other members of the delegation hoped China would offer more rights to American companies in the distribution sector.

The mission is also calling for more efforts from China on the protection of intellectual property rights.

Source:China Daily

Questions?Comments? Click here

China, EU establish trade policy dialogue mechanism

Sino-EU trade dialogue pact inked

Dialogue, not barriers, makes a win-win deal

China, Wi-Fi fight for WLAN standard ( 4 Messages)

US visa rules anger students ( 13 Messages)

Beijing to build two new Christian churches ( 4 Messages)

Australian PM appalled at attack on Chinese restaurants ( 8 Messages)

China concerned about Japan dispatching troops to Iraq: FM spokeswoman ( 3 Messages)