Trade wars leave no winners, only disastrous outcomes for China, US and the rest of the world, Zhong Shan, Minister of Commerce, told a press conference on the sidelines of the first session of the 13th National People's Congress.
Zhong reaffirmed that China doesn't want a trade war with the United States and will not start one, but can handle any related challenges and will defend national and Chinese people's interests.
Zhong Shan (Photo: ce.cn)
The trade volumes increased by 232 times over the past 40 years. The bilateral investments between China and the US account for more than 230 billion USD, which means the two economies are highly complementary with huge potential for economic cooperation.
He added that there are issues with the Sino-US trade. First is the trade imbalance, which is partly due to the regulatory measures the US imposed on China's exports. If the US can loosen the regulations, the trade deficit with China will decrease by 35 percent.
The second issue is about the market entry. Due to the differences in the industrial structure, the two economies have different market accesses for agricultural products.
The third issue is concerning safety review. The two economies have differences regarding cyberspace security and intellectual property protection.