A new 71 page paper released by China accused the United States under president Donald Trump of "trade bullyism practices" that have turned out to be "the greatest source of uncertainty and risk for the recovery of the global economy."
The paper was the written response from China to the accusations levelled against it by the U.S. in trade practices. The focus of the report primarily was on issues such as trade imbalance between China and the US, the subsidy policy of China and the so-called theft of intellectual property by China as claimed by the US.
At the same time, the paper accused the US of engaging in policies and practices that prevented foreign companies from competing on a level playing field, including issues of government subsidies, and the alleged misuse of the national security laws for creating preventing the "normal investment activities" by Chinese firms in the country.
"China does not want a trade war, but it is not afraid of one and will fight one if necessary," China said in the paper. "We have a highly resilient economy, an enormous market, and the hard-working, talented and united Chinese people. We also have the support of all countries in the world that reject protectionism, unilateralism and hegemony."
"The US government has taken extreme trade protectionist measures, which have undermined the international economic order, caused damage to China-US trade and trade relations around the world, disrupted the global value chain and the international division of labor, upset market expectations, and led to violent swings in the international financial and commodity markets. It has become the greatest source of uncertainty and risk for the recovery of the global economy," the paper said.
The release of the document coincided with the kicking off of the latest round of tariffs by each of the countries on Monday. While the Trump administration imposed a third round of tariffs – this time on Chinese goods worth $200 billion, China also imposed retaliatory tariffs on about $60 billion of US goods imported into the country.
There was however no new threats issued by China through the paper. According to some analysts, the focus of the paper illustrates the intention of China portray itself as a victim in the trade war with the US.
"The white paper that the Chinese government put out responding to the many allegations by the U.S. is very interesting. It shows again that China really wants to retain the moral high ground on this issue," Eswar Prasad, a professor at Cornell University, said in a television interview.
"They've been very careful to make the point that they're only striking back when they're struck," he added.
Experts from the US have however claimed on the contrary on multiple earlier occasions and claimed that China had taken advantage of the trade situation with the US and was the aggressor in the trade dispute.
(Source:www.cnbc.com)
The paper was the written response from China to the accusations levelled against it by the U.S. in trade practices. The focus of the report primarily was on issues such as trade imbalance between China and the US, the subsidy policy of China and the so-called theft of intellectual property by China as claimed by the US.
At the same time, the paper accused the US of engaging in policies and practices that prevented foreign companies from competing on a level playing field, including issues of government subsidies, and the alleged misuse of the national security laws for creating preventing the "normal investment activities" by Chinese firms in the country.
"China does not want a trade war, but it is not afraid of one and will fight one if necessary," China said in the paper. "We have a highly resilient economy, an enormous market, and the hard-working, talented and united Chinese people. We also have the support of all countries in the world that reject protectionism, unilateralism and hegemony."
"The US government has taken extreme trade protectionist measures, which have undermined the international economic order, caused damage to China-US trade and trade relations around the world, disrupted the global value chain and the international division of labor, upset market expectations, and led to violent swings in the international financial and commodity markets. It has become the greatest source of uncertainty and risk for the recovery of the global economy," the paper said.
The release of the document coincided with the kicking off of the latest round of tariffs by each of the countries on Monday. While the Trump administration imposed a third round of tariffs – this time on Chinese goods worth $200 billion, China also imposed retaliatory tariffs on about $60 billion of US goods imported into the country.
There was however no new threats issued by China through the paper. According to some analysts, the focus of the paper illustrates the intention of China portray itself as a victim in the trade war with the US.
"The white paper that the Chinese government put out responding to the many allegations by the U.S. is very interesting. It shows again that China really wants to retain the moral high ground on this issue," Eswar Prasad, a professor at Cornell University, said in a television interview.
"They've been very careful to make the point that they're only striking back when they're struck," he added.
Experts from the US have however claimed on the contrary on multiple earlier occasions and claimed that China had taken advantage of the trade situation with the US and was the aggressor in the trade dispute.
(Source:www.cnbc.com)