China’s State Council Information Office issued a white paper on Sunday to make the country’s stance on China-U.S. economic and trade negotiations clear.
White Paper On China-U.S. Trade To Make The Stance On China-U.S. Economic And Trade Negotiations Clear
China's State Council Information Office issued a white paper on Sunday to make the country's positions on China U.S. economic and trade negotiations clear. We are the trade negotiation heading and what messages is the white paper delivering. And is there still room for breakthrough to talk about these and more. I'm pleased to be joined in the studio by Professor Jiang gone from the University of the National Business and economics. And Harvey Zeldin senior fellow with the Center for China and globalization. And that is our topic this is dialogue on Twitter.
So the trade war has been dragging on for almost a year and is the first time China has put up a document and for details about his understanding of why there is a trade war what was going on during the trade negotiation and where it is headed. What do you think of the document.
I think the documents have several purposes. First of all it articulates again the benefits of reaching the deal the benefits Oda the desire to harm is going to be caused in the United States. If we didn't come together with this kind of agreement and respect to this issue I think you know these arguments on economic and trade negotiations are not new. I mean it being articulate a couple of times already and I hope the American side will take the message and hope that they will come to agreement with what's being articulated here in this document first objective and second is about the a little bit detailed about the history of this negotiation.
I think so far the Chinese side has been quite reticent with respect to the details of the negotiation. I missed a lot of acquisitions coming from the Western press saying that China backpedaled and then this and that. So I think it sort of office of official document that clarifies a lot of those confusion. And the third thing I think is most important is it lays out the three conditions moving into this negotiation that China wants to conduct agreement. If we ever come to agreement and these conditions are very equal to first that we have to eliminate all these tariffs imposed so far going back to you know since July last year. This first argument. The second is that the Chinese commitment for imports from the U.S. has to be reasonable or realistic. And the third thing is that the stock has to be in the balance in a mutual benefit. My dad in my opinion it means that you know it can't. Most important it can't infringe upon the sovereign rights of China.
And Harvey this is obviously meant to be consumed by Americans as well. Do you think it is more about blaming the American partner for not talking in a responsible way or is it clarifying China's stance on economic and trade negotiations?
Do you know which under-the-radar stocks the top hedge funds and institutional investors are investing in right now? Click here to find out.
Well I think it's both of those things and let's back up a little bit. I think there's two main audiences here. One is a domestic Chinese audience. President Xi Jinping talked a few days ago about a long march. And so I think he's preparing the Chinese public for a time of some sacrifice and some difficulty. On the other hand you're right this is intended to give the Americans information because Americans don't have a lot of the granular information. But that said I disagree with the method of transmission here. I don't think most Americans are going to digest the 20 page white paper like this. If I were China I would do some kind of advertising in various media some of which would be rejected in the US were here.
This is I'm reading the paper too. Well this is not a secret. And I think this paper is mostly addressing the negotiation team over there. And the point is that we probably already know this but I think the point is that to cap these conditions go public. Let the public know the American public that's OK. That's the big no. Let's take a listen now what when a public viewing the documents announcement are this morning's long one hour long press conference on a paper go away mean the vice minister of the State Council Information said the US imposed tariffs have harmed both sides are no benefit to the US.
The white paper on economic and trade negotiations stresses that economic and trade friction "provoked" by the US damages the interests of the host countries and to the wider world. The US imposed tariff harm others and no benefits to the US itself including two way trade and investment cooperation and to undermining market confidence and economic stability in the two countries and globally today trade war has not made America great again. Rather they have increased the US production costs triggers us.