Sino-US agreement an important step forward

Source:Global Times Published: 2018/12/2 10:45:41

In talks on Saturday at Buenos Aires in Argentina, Chinese President Xi Jinping and US President Donald Trump reached an important consensus on stabilizing trade relations between China and the US. The two countries will step up negotiations toward elimination of all additional tariffs and address issues of mutual concern. 

Based on information received by the Global Times, China and the US will further discuss moves at expanding market access, intellectual property protection, avoiding compulsory technology transfers, and joint control of cyber crime. Both parties agree that they will endeavor to have this transaction completed within the next 90 days. If at the end of this period of time, the parties are unable to reach an agreement, the 10 percent tariffs will be raised to 25 percent.

The progress made at the talks in Buenos Aires is of momentous significance since the Sino-US trade friction escalates this year. It is hoped the agreement reached on Saturday will be implemented by the two sides and Chinese and American working teams will meet the expectations of their leaders, normalizing trade relations between the countries. 

The year has been an eventful one for China-US relations that saw global economic and political upheavals. The two largest economies are expected to remain stable as common interests of the two global powers have laid the ground for the latest progress.

China is accelerating its reform and opening-up. Since last year, several important measures have been taken in order to expand opening-up. During the Boao Forum in April, China announced a series of proactive open market measures that were widely welcomed by the world. On July 1, tariff reductions were applied to a large number of imported goods. In November, China hosted its first International Import Expo. The country, it can be seen, is turning a new page in opening up.

In history, the integration of countries and even cultures has often been achieved through friction and even conflict. Ultimately, differences lead to integration rather than isolation. When that historic moment arrives, it is inevitable that both sides will promote more exchanges.

Increasing exchanges and communication is destined to set the future course of China-US trade. Even though there may be friction or conflict, causing inconvenience and even pain, they help both sides better understand each other's needs. The essence of trade agreement is that as long as it can be achieved, it is reasonable. There is no winner in a trade war and the outcome is never as simple as just winning or losing.

The agreement between China and the US has huge potential for fair trade. It is hoped that the trade teams from both countries will reach as many practical agreements as possible and as quickly as possible to hasten China-US cooperation.

The choppy US stock market is expected to respond positively to the Sino-US agreement. The agreement also enables Chinese people realize that the two countries can still find common ground despite differences.

The US needs to maintain a large volume of imports to sustain its economy. China's strategy of deepening reform and opening-up requires it to lower the market threshold and protect intellectual property rights. The needs of the two sides do not stand in each other's way and a trade war is not a viable option. 

The Chinese public needs to keep in mind that China-US trade negotiations fluctuate. China's reform and opening-up's broad perspective recognizes that the rest of the world does things differently. As that picture is getting bigger, we can accept those differences while acknowledging them peacefully, and be more active and open-minded in solving problems through interaction.

China's goal is to continuously achieve quality economic and social outcomes and meet people's ever-increasing needs for a better life. Any decision that benefits China's development is right.



Posted in: EDITORIAL

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