Time for US to step back from the brink, show commitment to trade deal

Source: Global Times Published: 2020/8/11 21:46:39

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After the China-US phase one trade deal had been implemented for nearly six months, a review of China-US trade data shows that China is carrying out the deal as effectively as possible despite the impact of the COVID-19 pandemic.

China's commitment and sincerity have been demonstrated by the consistency of its language and in its concrete actions. China will continue to increase imports from the US, thereby benefiting American businesses despite spiraling tensions.

However, China's efforts to maintain economic and trade ties have come up against continued pushback from the US. Washington should recognize that in order to maintain the phase one trade deal, it is crucial for both sides to meet each other halfway. The US should also demonstrate a sincere desire to maintain contact with China, in order to allow both sides to implement the trade deal more effectively.

At such a critical moment in bilateral relations, the US should recognize that it has a responsibility to look forwards, and that its current decoupling approach will not work out. Maintaining stable trade and economic exchanges with China will help the US economy cushion the impact of the pandemic and achieve a recovery sooner rather than later.

More importantly, as the world's two largest economies, stable economic and trade exchanges between China and the US are of great significance for the global economy and global markets as a whole. This has been proven by the ups and downs in stock markets' performance during the trade war.

This relentless pressure from the US has brought China-US relations to their lowest point for decades. It's time for the US to step back from brink; stop treating China like an imaginary enemy; stop suppressing and discrediting Chinese technology companies; splitting the Internet, and destroying the market environment.

As COVID-19 has been brought under control, and the benefits of business resumption have begun to take effect, China's trade jumped in June, beating out expectations of a decline. In the economic recovery that follows over the next half a year, China's vast market is expected to provide support to an increasing number of countries currently enduring difficulties, despite gloomy global prospects. This point is likely to be proven at the upcoming third China International Import Expo in Shanghai. 

Looking back at previous developments in China-US relations, it is not hard to see that some ups and downs are natural. But the US now needs to adopt a much wiser and more future-focused approach to issues such as trade.

The article was compiled based on a Global Times interview with Wei Jianguo, a former Chinese vice minister of commerce and executive deputy director of the China Center for International Economic Exchanges. bizopinion@globaltimes.com.cn


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