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People’s Daily Online Commentary: Will China lose the trade war?

(People's Daily Online)    15:41, June 22, 2019

As trade tensions mount between the U.S. and China, China has stated that although it doesn’t want a trade war, it is not afraid to fight one. China’s stance has won strong public support. However, a few U.S. worshipers have claimed “China is doomed to fail”.

There’s no doubt that the trade dispute will negatively affect China’s economy, but those who believe in China’s failure only pick individual cases to prove that they are right.

China has repeatedly stressed that no one wins in a trade war, but China will prepare for a long fight if the U.S. continues to escalate tensions. The reason that China will not lose lies in the fact that China adheres to unity and perseverance and wins support from the international community while the U.S. faces friction both at home and internationally.

Jeffrey Sachs, professor and director of the Center for Sustainable Development at Columbia University, said that “China is not an enemy”, adding that “the real battle is not with China but with America’s own giant companies”.

The Peterson Institute for International Economics estimates that existing tariffs on Chinese imports cost U.S. families about 550 dollars per year, a sum that will rise to 2,200 dollars if 25 percent tariffs on 500 billion dollars of Chinese imports become a reality. Americans are realizing the fact that the trade war is pushing the U.S. closer to a “Trump recession”.

The Smoot-Hawley Tariff Act 1930 launched by the U.S. raised U.S. tariffs on imports, which triggered strong opposition from its trade partners, leading to a plunge in American exports. Today, the China-U.S. trade war waged by the U.S. is challenging the global production value chain, which will be worse than the Smoot-Hawley Tariff Act 1930. We would like to ask Americans: are you ready?

We should not turn a blind eye to difficulties, but we should not exaggerate difficulties either. Giving up is not the best solution, but an unwise decision that will eventually place Chinese people in low-end production jobs and will shatter their hopes for living a better life. Chinese people won’t allow this to happen.

We slam the claim that “China is doomed to fail”; at the same time, we should face up to difficulties and take effective measures against them. The conflict is encouraging Chinese companies to move ahead with innovative solutions.

Better livelihood is not achieved through the help of others, but through self-reliance. There is no need to admire or fear the U.S. Instead, we should build up our confidence and conform to the global trend.

To those who claim that China will lose, we have one thing to say: fear is not in our vocabulary. 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Hongyu, Bianji)

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