www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / China US trade tensions

Clarity urged on Sino-US trade issues

By Luo Weiteng in Hong Kong | China Daily | Updated: 2019-07-10 09:40
Share
Share - WeChat
The Cosco Development, the largest container ship to ever call on a US East Coast port, passes as a crowd gathers on River Street in Savannah as it moves on to the Garden City Terminal on the Savannah River. [Photo provided to China Daily]

Washington should face the matter of deficit squarely: former vice-premier

The "real" trade imbalance between the world's two largest economies has long been overstated by 20 percent. Better data would give a more balanced picture of Sino-US trade and reflect the gains that both sides derive from their economic relationship, said former Chinese Vice-Premier Zeng Peiyan.

There has always been divergence between Chinese and US figures on the bilateral trade gap due to the different methods used. Current methods omit trade in services from the trade balance, overlooking China's role in processing trade, and thus overestimating the trade deficit, Zeng told a seminar in Hong Kong on Tuesday.

The two-day event, themed "US-China Trade and Economic Relations: What Now, What Next", invited former government officials, industry representatives and academics from home and abroad to share their insights on the year-old Sino-US trade friction, which has become the single most important factor in the global economy and markets.

"The real trade imbalance should be viewed in a more comprehensive and objective manner. Trade statistics should be improved to account for not only trade in goods but trade in services, to focus on both the total value of trade and the true value added in each country, and to reflect the perspective of gross domestic product as well as gross national product," said Zeng, who is also the chairman of the China Center for International Economic Exchanges.

There is no shortage of research whose findings undercut the economic foundation for US tariffs on Chinese products. According to the research jointly conducted by the two countries' commerce ministries, the US trade deficit with China has been overrated by 20 percent for years.

Such an overvaluation manifests itself in two aspects, Zeng explained. On the one hand, the US has long put the entrepot trade and re-exports from economies such as Hong Kong on China's books. In addition, there has always been difference between the sale price of Chinese exporters and the bid price of US importers due to the existence of international intermediaries. This leads to disparate customs statistics on both sides.

Zeng Peiyan, former vice-premier.[Photo provided to China Daily]

Zeng's remarks echo the report published by China's Ministry of Commerce last month, which showed the "real" bilateral trade imbalance is merely $153 billion, or 37 percent of the headline figure released by the US government.

In the processing trade, Chinese exports of products assembled from imported components, the valued added to the product by China only remains a small fraction of the value used in the US calculations and should be taken into full account, the ministry argued.

Zeng said he believed the US restriction on high-tech exports to China is the policy reason for its growing trade deficit with China. In 2018, US exported $39.1 billion high-tech products to China, less than one forth of the high-tech products imported from China and accounting for just 10.6 percent of the total US technology exports worldwide.

Citing a research finding, Zeng said if Washington eases the curbs on technology exports to China to the level of restrictions placed on France, it will essentially cut down on the trade deficit with China by 35 percent.

As China reinforces the key principle raised in the last round of negotiations, access to US technology exports, an agreement for China to buy technology exports, currently blocked by the US, would help meet the needs of Chinese consumers and companies while reducing the trade deficit, Zeng said.

Such open trade speaks volumes that trade is mutually beneficial rather than the lopsided economic tie-up. "The US has gained tangible benefits from its economic and trade relations with China," Zeng noted.

"The US government should face the issue of trade deficit squarely. It should take a serious look at the reasons behind as well as the gains and losses from the trade imbalance. Simply levying tariffs is of no help but will be counterproductive."

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 小毛片在线观看 | 韩国v欧美v亚洲v日本v | 成人精品国产亚洲 | 久久国产精品成人免费 | 成年人免费在线视频网站 | 成人网视频在线观看免费 | 日本在线观看网址 | 久久久婷| 大陆高清自拍 | 欧美特黄一级 | 欧美怡红院在线观看 | 热re66久久精品国产99热 | 男女乱淫视频 | 女初高中福利视频在线观看 | 全免费a级毛片免费看 | 国内精品久久久久久久亚洲 | 男女毛片免费视频看 | 九九99视频在线观看视频观看 | a毛片免费全部播放完整成 a毛片免费全部在线播放毛 | 欧美成人国产一区二区 | 黄色一级片a | 日韩欧美视频在线一区二区 | 久久网免费 | 看亚洲a级一级毛片 | 黄色三级理沦片 | 日韩成人在线视频 | 国产午夜伦伦伦午夜伦 | 欧美一区二区三区高清视频 | 欧美做暖小视频xo免费 | 韩国毛片 | 欧美线在线精品观看视频 | 国产在线观看一区精品 | 一级毛毛片毛片毛片毛片在线看 | 亚洲精品午夜久久久伊人 | 国产成人精品免费视频网页大全 | 综合 欧美 亚洲日本 | dvd8090cnm欧美大片 | 亚洲国产国产综合一区首页 | 亚洲欧美日韩精品香蕉 | 在线91精品国产免费 | 亚洲免费成人网 |