China and the US have been giving markedly differing stories to the World Trade Organization, as their trade war rumbles on. Why is there a discrepancy in facts? Andy Mok, managing director of Red Pagoda Resources; Max Wolff, chief economist of the Icash Group in New York; and in Shanghai, Lu Xiankun, emeritus professor at the University of International Business and Economics, joined The Point.
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WTO Becomes Battlefield Of China-us Trade War - Former Trump Lawyer Releases 'Damaging' Recording
Transcript
Went sitting markedly different stories to the World Trade Organization and the trade war rumbles on. Why the discrepancy in size and as Donald Trump's former personal lawyer has jumped camps and released a seemingly damning recording of a conversation he had with Trump. How much political damage has been done. Welcome to the point. Live from Beijing on the Chinese andU.S. envoys presented radically different visions of Beijing's economic model at the World Trade Organization on Thursday withU.S. Ambassador Dennis Shaid calling China the world's most protectionist economy and Chinese ambassador junction. Chen made a lengthy rebuttal. Ambassador chaises statements are nothing new. In fact he has been criticizing China since he addressed the WTO General Counsel for the first time back in May this year. He called China the world's most protectionist mercantile economy and says it's amazing that the country positions itself as the self-proclaimed defender of free trade and the global trading system. On several occasions China and theU.S. have debated extensively and accusing the other for wrecking the WTO system. The latest WTO meeting on Thursday. That scene continued with Ambassador Shaine presenting an old paper titled China's trade disruptive economic model. Chinese ambassador responded in detail and accused theU.S. of pushing its own ideas as universal lacking consistency in its evaluation of policy impacts and making legal arguments not grounded in facts. WTO director general Roboto Acevedo has called for more dialogue to reconcile differences. So who is turning that choose upside down. Meanwhile on Thursday theU.S. Senate quietly passed legislation that would lower trade barriers on hundreds of items made in China. With no debate. The Senate unanimously passed a bill that would cut or intimidate tariffs on toasters chemicals and roughly 1700 other items and wait outside theU.S. nearly half of those items are produced in China according to Reuters. So to discuss all of that I'm joined in the studio by Andy mulk who is the managing director of the Red Pagoda resources in New York. We have Maximova chief economist of the cash group. We are also joined by via the phone from Shanghai Bank Professor Lucian Cowen Emeritus Professor of the University of International Business and economics and Chinese university. They've always done the discussion this for us to hear what Ambassador jumped Shimshon said doing Thursday's exchange.
Well I'm enjoying your Ghoshal Hadra the United States has addressed itself as a victim of the belief that the Carter trip tensions caused by China's so-called trade destructive economic model. In fact we all know that it's up to the people a country to decide what kind of economic model the country adopts or what kind of positive development that will follow. China has chosen the path of a socialist market economy with Chinese characteristics. Over the past 26 years we have made great progress and benefited the world.
Ok for those of you who have not seen this report a very rough introduction. It's Tido China's trade disruptive economic model and its contents include for instance none market oriented conditions set by the Chinese government in the policy nonmarket allocation of resources close to WTO members of China's economic model and benefits to China of its economic model and finally conclusion. And the paper says as long as China remains on this path the implications for this organization meeting the WTO decides that a decidedly negative. So let me go to Andy here.
