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U.S.-initiated trade war spreading harm around world, says Chinese envoy to Australia

(Xinhua)    16:55, September 05, 2019

CANBERRA, Sept. 5 -- China rejects escalation of the U.S.-initiated trade war, which is spreading harm around the world, said Chinese Ambassador to Australia Cheng Jingye in a signed article on Thursday.

In the article published on the Australian Financial Review, Cheng said that the most recent decision by the U.S. government to impose additional tariffs on Chinese imports is a gross violation of the Osaka consensus reached by the Chinese and U.S. presidents.

"Furthermore, it tramples on multilateral trading rules, harms both countries' interests, threatens the global industrial and supply chain, and drags down global trade and economy," said the article.

By quoting a series of figures, the article showed that economists polled by Reuters forecast the probability of a U.S. recession in the next two years has risen to 45 percent, and its manufacturing PMI (purchasing managers' index) plunged to its lowest in 10 years.

"Should the United States follow through on extending all tariffs to 25 percent, the aggregate loss over the next 10 years would amount to 1 trillion U.S. dollars," said Cheng.

The price of the U.S. administration's tariffs will be paid by common American households, he noted, saying: "JPMorgan researchers estimate that American families will have to pay 1,000 dollars in additional costs annually."

In the article, the ambassador told readers that the trade war affected not just China and the United States. "Germany and Britain have already registered contraction in the second quarter. Growth in Italy stagnated. Export-oriented economies in Asia are among the first to suffer," he said, adding that there has been a lot of concern in Australia over the impact of the trade war on the nation's economy.

"By unilaterally imposing tariffs, the United States has circumvented the WTO dispute settlement system and breached the most fundamental principles and rules of the WTO," said Cheng. "It broke the international trade rules and wrecked the multilateral trade system."

China's position has always been rational and clear-cut. "We firmly reject an escalation of the trade war, and are willing to negotiate with a calm attitude to find a solution acceptable to both sides through dialogue and consultation on the basis of equality and mutual respect," he said.

The ambassador rejected the U.S. accusation of China about IP theft and forced technology transfer.

"After over 40 years of reform and opening up, China has made notable achievements in technological innovation," he said. "In 2018, the contribution of China's scientific and technological progress to its economic growth is expected to exceed 58.5 percent."

The ambassador said that more than 20,000 foreign companies established businesses in China in the first half of 2019. "Why should a foreign company rush to China if it would be subjected to forced technology transfer and lose profits?" he asked.

"China will unswervingly deepen reform and opening up," he said. "Our huge market will bring more opportunities to the world." 

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

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