BEIJING, China
China's State Council
Information Office on Wednesday released a white paper titled "China's
Position on Some Issues Concerning China-U.S. Economic and Trade
Relations."
The Chinese government issued
the document to clarify the facts about China-U.S. economic and trade
relations, and elaborate the position of the Chinese side on relevant issues,
according to the white paper.
The white paper came as rising
unilateralism and protectionism in the United States have significantly impeded
normal economic and trade cooperation between the two countries.
Since the beginning of trade
friction in 2018, the U.S. side has imposed tariffs on Chinese exports worth
more than 500 billion U.S. dollars, and has continuously implemented policies
aimed at containing and suppressing China. Recently, the United States levied
comprehensive additional tariffs on Chinese products, including tariffs citing
the fentanyl issue as the pretext, "reciprocal tariffs," and an
additional 50 percent on existing tariffs.
These measures -- revealing
the isolationist and coercive nature of U.S. conduct -- run counter to the
principles of the market economy and multilateralism, and will have serious
repercussions for China-U.S. economic and trade relations, the white paper said.
In response to the U.S. moves,
China has taken forceful countermeasures to defend its national interests, and
has remained committed to resolving disputes through dialogue and consultation,
with multiple rounds of consultations with the U.S. side to stabilize bilateral
economic and trade relations, according to the document.
China-U.S. economic and trade
relations are mutually beneficial and win-win in nature, and cooperation
benefits both sides while confrontation harms both, the white paper said.
Maintaining the stable
development of China-U.S. economic and trade relations is in the fundamental
interest of both nations and peoples, which is also conducive to global
economic development, it said.
China never deliberately
pursues a trade surplus, and the trade balance in goods between China and the
United States is both an inevitable result of the structural issues in the U.S.
economy and a consequence of the comparative advantages and international
division of labor between the two countries, the white paper said.
The white paper noted that
trade in services between China and the United States has maintained rapid
growth, while the two countries are important two-way investment partners.
As the two largest economies
in the world, the economic and trade cooperation between China and the United
States has generated substantial benefits for both sides, with enterprises and
consumers in both countries reaping tangible benefits through bilateral trade
and investment, according to the white paper.
The "reciprocal
tariffs" imposed by the United States will damage its own and others'
interests, the white paper said.
The imposition of
"reciprocal tariffs" is a severe violation of World Trade
Organization rules that damages the multilateral trading system and erodes the
legitimate rights and interests of the parties affected, it said.
The U.S. government has
erected high trade barriers in the name of goals such as "industrial
protection" and "national security." The move will not help
solve domestic economic problems, but will ultimately backfire and make the
United States a victim of its own misdeeds, the white paper said.
The tariffs will increase
inflationary pressure in the United States, weaken its industrial base,
aggravate panic in the financial market and increase the risk of U.S. economic
recession, the white paper said.
"History has repeatedly
taught the lesson that trade protectionism will not help strengthen a country's
domestic economy," the white paper said.
"Instead, it will do
severe damage to world trade and investment, which could trigger a global
economic and financial crisis, with the inevitable consequences for oneself and
others," it added.
As two major countries at
different stages of development with distinct economic systems, it is natural
for China and the United States to have differences and frictions in their
economic and trade cooperation. It is crucial to respect each other's core interests
and major concerns, and find proper solutions to resolve the issues through
dialogue and consultation, according to the white paper.
China and the United States
can resolve differences in economic and trade areas through equal-footed
dialogue and mutually beneficial cooperation, it said.
Equal-footed dialogue should
constitute the fundamental approach in addressing problems between major
countries, and mutually beneficial cooperation can help China and the United
States realize their respective development goals, the white paper said.
The world anticipates
China-U.S. cooperation to generate more development opportunities, the white
paper noted.
