HOUSTON, June 4 — The U.S.-China trade dispute can only be resolved on the basis of respect, equality and mutual benefit, a leader of a U.S.-China exchange organisation has said.

International trade can remain fair despite trade deficits, Fan Bo, president of U.S.-China Partnerships, a non-profit organisation established in 2014 to promote mutual understanding and cooperation between the United States and China, told Xinhua in a recent interview.

“It’s common sense that a 300-billion-U.S. dollar trade deficit with China does not mean the U.S. has lost 300 billion dollars to China,” he said. “Besides, a large amount of U.S. dollars exchanged from the China-U.S. trade has been brought back to the U.S. economy through investment and bond purchases.”

Frictions and disputes are common in international trade as the United States run deficits with many countries, and these issues need to be negotiated by the parties concerned under existing rules and norms, Bo said.

“Trade protections like raising tariffs will eventually pass the impact onto consumers, which will affect the economy of both countries,” he said.

“The Sino-U.S. trade frictions should be resolved in a timely manner on the basis of establishing mutual respect, equality and mutual benefit, and being honest and trustworthy,” Fan said.

Since China has boosted growth in its economy, science and technology, competition between the United States and China is inevitable because of the different development phases both countries are going through, Fan said.

“I hope that we all look at this competition with a usual-heart while moving forward together and striving for a win-win situation together,” he said.

Many local governments and enterprises in the United States hope that America and China maintain sound economic and trade relations, strengthen cultural exchanges and improve the investment environment, he said.

“At the just-concluded fifth China-U.S. Governors Forum, many U.S. governors, mayors, and entrepreneurs showed a positive attitude toward Sino-U.S. relations, trying to promote exchanges and cooperation at the local level,” Fan said.

“I’m sure China and the U.S. will establish mutual understandings and eventually overcome obstacles in the trade dispute for the sake of a brighter future,” he added.

Source: Xinhua

Editor: Keren Wang

 

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