CHINA Chinese ambassador says China won't yield to "maximum pressure" on trade

CHINA

Chinese ambassador says China won't yield to "maximum pressure" on trade

Xinhua

21:41, July 19, 2018

Chinese Ambassador to the United States Cui Tiankai on Wednesday said that China will not yield to trade bullying and "maximum pressure" by the U.S. government.

In an article published in USA Today, Cui said that China showed "maximum sincerity and patience" to engage in four rounds of high-level economic talks with the United States from February to June this year.

"Unfortunately, the U.S. has betrayed its own words. It brazenly abandoned bilateral consensus and insisted on fighting a trade war with China, forcing us to take countermeasures," he said.

China, on the other hand, will continue its reform and opening-up, he said, citing some recent major steps.

"Tariffs on 1,500 types of consumer goods have been lowered considerably. The import tariff on automobiles has been cut from 25 percent to 15 percent. The revised negative list for foreign investment released late last month substantially eased market access restrictions for foreign investors. In November, China will host our first International Import Expo in Shanghai," he said.

"With all of this as a backdrop, it is absolutely beyond our understanding that the U.S. government initiated the trade war with such determination," said Cui. "Does the U.S. government genuinely believe China would possibly yield to such unreasonable policy?"

"Anyone familiar with Chinese history knows that 'maximum pressure' doesn't work for our nation," he said. "Trade bullying will only backfire. There is no winner in a trade war. The U.S. will only end up hurting itself and the world."

China's policy has long been geared toward dialogue and consultation when attempting to resolve trade disputes, the Chinese diplomat said.

"To be sure, there is room for China to improve its trade policy and address structural economic issues. We certainly are open to addressing reasonable American concerns," he said. "But the two sides should conduct dialogue and cooperation on the basis of mutual respect and trust."

"For great powers like China and the U.S., competition -- even conflict -- is natural. It is, however, vital for us to manage such competition in an effective and constructive way," Cui said.

Cui's article came as the world's two biggest economies have been locked in a trade dispute. The United States has also provoked trade tensions with other economies.

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