Page 11 - THE SOUTH CHINA BUSINESS JOURNAL
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m the Chinese side, China daily elaborated
on the talk. Following is reprinted with
permission:
Sino-US economic talks back on track
By LIU ZHIHUA, China Daily
Two sides agree to solve problems for Experts said that since the US and China are
producers, consumers in pragmatic way the world's top two economies, healthy Sino-US
economic and trade ties are not only important
China and the United States have started normal for the two nations, but also for world economic
communications in economic and trade areas, recovery amid the COVID-19 pandemic.
agreeing on joint efforts to solve problems for
producers and consumers in a pragmatic manner, To pragmatically "solve specific problems for
Ministry of Commerce spokesman Gao Feng said at producers and consumers", tariff rollbacks
a media briefing on Thursday. are essential, especially for US producers and
consumers, who have been much harder hit than
Commenting on separate video talks that Vice- their Chinese counterparts by the two countries'
Premier Liu He had recently with US Trade tariff hikes, according to experts.
Representative Katherine Tai and US Treasury
Secretary Janet Yellen, Gao said the two sides Tu Xinquan, dean of the China Institute for WTO
exchanged ideas about, in the spirit of equality and Studies at the University of International Business
mutual respect, issues such as China-US economic and Economics in Beijing, said: "Through the
and trade relations, the macroeconomic situation increased tariffs on Chinese goods, US hoped to
and domestic policies. reduce the trade deficit with China, transfer costs
to Chinese exporters, and force companies to move
Both sides believed that the exchanges were their supply chain activities out of China to the US
professional, candid and constructive, and that the or other countries.
two countries' economic and trade communications
have returned to normal, he said. "But such expectations have failed, while the tariff surges
have damaged US companies' competence, dragged down
Liu, who is also a member of the Political US economic development, and hurt US people due to
Bureau of the Communist Party of China Central consequently higher product prices and fewer jobs."
Committee and chief of the Chinese side of the
China-US comprehensive economic dialogue, had The US trade deficit with China has increased, and
video conversations with Tai on May 27 and Yellen US companies are bearing the brunt of elevated
on Wednesday. tariffs on Chinese goods, Tu said, citing a recent
report by rating agency Moody's Investors Service.
"The two sides believed that Sino-US economic and At the same time, US consumers have to pay
trade relations are very important, and there are more for Chinese goods such as clothes, electronic
many specific areas to cooperate on, while raising products and furniture, due to the lack of better
their own concerns. China has expressed specific or cheaper alternatives, while increased tariffs on
concerns, giving full consideration to the domestic Chinese intermediate products have increased
economic development situation," Gao said. US companies' production costs and hurt their
competence, Tu said. This also resulted in higher
"The two sides agreed to jointly push for solving inflation and fewer jobs, he added.
of specific problems for producers and consumers
in a pragmatic way and promote the healthy and China overtook the US as the world's top destination
stable development of Sino-US economic and trade for foreign direct investment flows last year, which
relations, from the perspective of benefiting China, showed that attempts to force supply chain activities
the US and the world in the next step." out of China are in vain, Tu said.
SOUTH CHINA BUSINESS JOURNAL 8
on the talk. Following is reprinted with
permission:
Sino-US economic talks back on track
By LIU ZHIHUA, China Daily
Two sides agree to solve problems for Experts said that since the US and China are
producers, consumers in pragmatic way the world's top two economies, healthy Sino-US
economic and trade ties are not only important
China and the United States have started normal for the two nations, but also for world economic
communications in economic and trade areas, recovery amid the COVID-19 pandemic.
agreeing on joint efforts to solve problems for
producers and consumers in a pragmatic manner, To pragmatically "solve specific problems for
Ministry of Commerce spokesman Gao Feng said at producers and consumers", tariff rollbacks
a media briefing on Thursday. are essential, especially for US producers and
consumers, who have been much harder hit than
Commenting on separate video talks that Vice- their Chinese counterparts by the two countries'
Premier Liu He had recently with US Trade tariff hikes, according to experts.
Representative Katherine Tai and US Treasury
Secretary Janet Yellen, Gao said the two sides Tu Xinquan, dean of the China Institute for WTO
exchanged ideas about, in the spirit of equality and Studies at the University of International Business
mutual respect, issues such as China-US economic and Economics in Beijing, said: "Through the
and trade relations, the macroeconomic situation increased tariffs on Chinese goods, US hoped to
and domestic policies. reduce the trade deficit with China, transfer costs
to Chinese exporters, and force companies to move
Both sides believed that the exchanges were their supply chain activities out of China to the US
professional, candid and constructive, and that the or other countries.
two countries' economic and trade communications
have returned to normal, he said. "But such expectations have failed, while the tariff surges
have damaged US companies' competence, dragged down
Liu, who is also a member of the Political US economic development, and hurt US people due to
Bureau of the Communist Party of China Central consequently higher product prices and fewer jobs."
Committee and chief of the Chinese side of the
China-US comprehensive economic dialogue, had The US trade deficit with China has increased, and
video conversations with Tai on May 27 and Yellen US companies are bearing the brunt of elevated
on Wednesday. tariffs on Chinese goods, Tu said, citing a recent
report by rating agency Moody's Investors Service.
"The two sides believed that Sino-US economic and At the same time, US consumers have to pay
trade relations are very important, and there are more for Chinese goods such as clothes, electronic
many specific areas to cooperate on, while raising products and furniture, due to the lack of better
their own concerns. China has expressed specific or cheaper alternatives, while increased tariffs on
concerns, giving full consideration to the domestic Chinese intermediate products have increased
economic development situation," Gao said. US companies' production costs and hurt their
competence, Tu said. This also resulted in higher
"The two sides agreed to jointly push for solving inflation and fewer jobs, he added.
of specific problems for producers and consumers
in a pragmatic way and promote the healthy and China overtook the US as the world's top destination
stable development of Sino-US economic and trade for foreign direct investment flows last year, which
relations, from the perspective of benefiting China, showed that attempts to force supply chain activities
the US and the world in the next step." out of China are in vain, Tu said.
SOUTH CHINA BUSINESS JOURNAL 8
