Page 12 - The South China Business Journal
P. 12
OVER STORY
impact of a trade and investment war on Myron Brilliant (R2), Executive Vice President of
financial markets, global growth, and the U.S. Chamber of Commerce, together with Dr.
overall international rules-based order Harley Seyedin, President of AmCham South China,
upheld by institutions like the World Trade talks with Chinese Vice Premier Wang Yang (R1) at
Organization would be enormous. JCCT in Guangzhou, 2015.
Just as a doctor takes the Hippocratic Oath “Both sides The Chinese Leadership has over many
to treat the sick to the best of their ability, years voiced a desire to continue to open
policy makers on both sides, supported by need to work and reform its economy because it is in
the two business communities, should take a even harder its self-interest to do so. President Xi
similar pledge. Both sides need to work even to restore trust Jinping’s speech at the Bo’ao Forum, which
harder to restore trust by addressing the very by addressing contained a number of promised openings,
real issues that are eroding the foundation the very real as well as a follow-up policy announcement
of our relationship. As both sides take issues that are by China’s National Development Reform
corrective steps forward, it’s vital to ensure eroding the Commission, is a good start. But there is
our concerted efforts foster growth and foundation of more work to do on both sides.
bolster the global institutions that support our relationship.
the livelihood of both peoples. We hope President Xi’s speech will
be followed by near-term openings in
Q: Foreign investors often urge China priority areas for the U.S. economy, like
to further open up its market, autos. Competition in the auto sector
reduce government subsidies and has long been hindered not only by joint
economic intervention in state-owned venture requirements, but also licensing
enterprises. Do you think by China requirements, standards, subsidies tied
taking such steps the trade friction to the localization of supply chains,
between China and the U.S. could be
reduced? What can the Chinese do to
stop a trade war? Or in which ways
could both countries work together and
avoid a trade war since Chinese officials
claimed that both sides have not entered
into needed trade negotiation with each
other yet.
M: Yes, meaningful, timely and systemic
market openings combined with
a truly decisive role for market principles
in the economy would significantly reduce
trade tensions. But, more importantly, these
reforms are in China’s own self-interest and
would help it achieve its own economic
objectives—as described in the Third Plenum
of the 18th Party Congress and the World
Bank/State Council 2030 report.
Many areas exist for China to take
constructive actions. According to the
OECD, China is the second most closed
of all G20 economies. China has long
maintained restrictions on investment as
well as used regulatory and enforcement
authority to limit competition in key sectors
of the Chinese economy where American
companies enjoy a comparative advantage.
Inadequate intellectual property protections
and forced technology transfer requirements
have limited companies’ ability to bring
cutting-edge technology to the China market.
10 AmCham South China
impact of a trade and investment war on Myron Brilliant (R2), Executive Vice President of
financial markets, global growth, and the U.S. Chamber of Commerce, together with Dr.
overall international rules-based order Harley Seyedin, President of AmCham South China,
upheld by institutions like the World Trade talks with Chinese Vice Premier Wang Yang (R1) at
Organization would be enormous. JCCT in Guangzhou, 2015.
Just as a doctor takes the Hippocratic Oath “Both sides The Chinese Leadership has over many
to treat the sick to the best of their ability, years voiced a desire to continue to open
policy makers on both sides, supported by need to work and reform its economy because it is in
the two business communities, should take a even harder its self-interest to do so. President Xi
similar pledge. Both sides need to work even to restore trust Jinping’s speech at the Bo’ao Forum, which
harder to restore trust by addressing the very by addressing contained a number of promised openings,
real issues that are eroding the foundation the very real as well as a follow-up policy announcement
of our relationship. As both sides take issues that are by China’s National Development Reform
corrective steps forward, it’s vital to ensure eroding the Commission, is a good start. But there is
our concerted efforts foster growth and foundation of more work to do on both sides.
bolster the global institutions that support our relationship.
the livelihood of both peoples. We hope President Xi’s speech will
be followed by near-term openings in
Q: Foreign investors often urge China priority areas for the U.S. economy, like
to further open up its market, autos. Competition in the auto sector
reduce government subsidies and has long been hindered not only by joint
economic intervention in state-owned venture requirements, but also licensing
enterprises. Do you think by China requirements, standards, subsidies tied
taking such steps the trade friction to the localization of supply chains,
between China and the U.S. could be
reduced? What can the Chinese do to
stop a trade war? Or in which ways
could both countries work together and
avoid a trade war since Chinese officials
claimed that both sides have not entered
into needed trade negotiation with each
other yet.
M: Yes, meaningful, timely and systemic
market openings combined with
a truly decisive role for market principles
in the economy would significantly reduce
trade tensions. But, more importantly, these
reforms are in China’s own self-interest and
would help it achieve its own economic
objectives—as described in the Third Plenum
of the 18th Party Congress and the World
Bank/State Council 2030 report.
Many areas exist for China to take
constructive actions. According to the
OECD, China is the second most closed
of all G20 economies. China has long
maintained restrictions on investment as
well as used regulatory and enforcement
authority to limit competition in key sectors
of the Chinese economy where American
companies enjoy a comparative advantage.
Inadequate intellectual property protections
and forced technology transfer requirements
have limited companies’ ability to bring
cutting-edge technology to the China market.
10 AmCham South China
