China on June 2 issued a white paper titled China’s Position on the China-US Economic and Trade Consultations, reverberating throughout international media and foreign entrepreneurs.
The paper has clarified the harm caused by the US-initiated trade war to the two countries and to the global economy as well, also revealed how the US poured cold water on attempts at consensus and went back on its commitments. More importantly, China has reiterated its solemn position. Many of my US friends also voiced support for China to obtain a fair and equitable consultation outcome in future trade negotiations.
The US has constantly imposed maximum pressure on China since it started the trade war. The paper listed three times when the US backtracked on trade deals, also a manifestation of US pressure. The US mistakenly anticipated that China would compromise under pressure, however, China has firmly adhered to the principle and bottom line, making such pressure in vain.
Drawing from recent statements made by organs of the Chinese government, including the China Securities Regulatory Commission, the Ministry of Agriculture and Rural Affairs, and the Ministry of Commerce, China’s export-oriented enterprises and service industries are well-prepared for the trade war with the US.
China is able to withstand US maximum pressure, due to the country’s economic resilience, and Chinese people’s resolute determination. Suffering from a century of humiliation, the Chinese nation has been accustomed to such pressure, as shown in the War of Resistance against Japanese Aggression, as well as the Korean War or the War to Resist US Aggression and Aid Korea. The unity of Chinese people is a vital reason for the country’s fundamental victory in history.
Surpassing India in terms of GDP growth in the first quarter of 2019, China has regained the position of fastest-growing economy. China’s foreign trade volume reached 7.01 trillion yuan ($1.01 trillion), an increase of 3.7 percent year-on-year. Economic stabilization and the rapid advance of the China-proposed Belt and Road Initiative indicate that China has prepared well for its future development.
I have done some research in certain regions with developed export-oriented enterprises, including South China’s Guangdong Province, East China’s Zhejiang Province, Jiangsu Province, and Shanghai. People’s judgment of the trade situation inside these regions has cheered me up. They believe that the more pressure the US poses and the more backtracks it makes; the more moral initiative China will have. Facing the extraordinary resistance of the Chinese economy, all tricks of the US hardliners will be exhausted.
In response to future potential shocks, local entrepreneurs have prepared under government guidance. Take a Guangdong company which exports electric welding torches to the US. It is now cutting costs through internal reforms and broadening its markets to Europe and Africa. To partly reduce dependence on the US, other manufacturers including those that make clothing, suitcase and bicycles are all preparing to diversify their markets.
I noticed that young workers in these factories are upset about the US, many saying that China must fight under pressure. The US maximum pressure has made China more united.
Although China is not willing to further expand the trade war into fields of finance, technology and even geopolitics, we must be prepared. The US has repeatedly violated the multilateral mechanism based on WTO rules. Due to the influence of hard-line hawks, the US is very likely to continue the trade war.
However, after the publication of the white paper, I believe an increasing number of countries and their peoples will stand up for justice. Time, morality and victory will eventually belong to China.