China-U.S. trade war would only cause pain: commerce minister

China’s Commerce Minister Zhong Shan attends a news conference on the sidelines of China’s National People’s Congress (NPC) in Beijing, China, March 11, 2017. REUTERS/Iris Zhao

A trade war between China and the United States would only cause pain, China’s commerce minister said on Saturday, as analysts say the spectre of deteriorating U.S.-China ties is likely to weigh on confidence of exporters and investors worldwide.

“A trade war would not benefit either country or either country’s people, you could say it would have no advantage whatsoever,” Chinese Commerce Minister Zhong Shan told reporters on the sidelines of the annual parliament session in Beijing.

“Many American and western friends think that China can’t live without the United States but that’s only half true.”

“At the same time, the United States can’t live without China,” Zhong said, adding that in the past ten years, the growth of U.S. exports to China has outpaced the growth of Chinese exports to the United States.

Zhong said that he looked forward to meeting his U.S. counterpart Wilbur Ross.

Billionaire investor Ross was sworn in as U.S. commerce secretary in February after helping shape President Donald Trump’s opposition to multilateral trade deals.

He is expected to start work on renegotiating trade relationships with China and Mexico.

“I am aware that Mr. Ross is an outstanding businessman and an experienced negotiator, an excellent person” Zhong told reporters on the sidelines of the annual meeting of the country’s parliament.

“I am willing to deal with excellent people because excellent people play the long game and think strategically.”

China’s foreign trade outlook faces lots of risk and uncertainty, Zhong added.

China’s exports for January and February combined rose 4.0 percent from the same period last year, while imports surged 26.4 percent, suggesting solid improvement in demand domestically and abroad.

But the export outlook for China and other trade-reliant economists is being clouded by fears of growing U.S. protectionism.

Zhong also spoke about China’s growing outbound investment, noting that a small number of Chinese companies had invested overseas “blindly and irrationally” in ways China did not encourage. He said the government would step up regulation around such investments.

(Reporting by Sue-Lin Wong; Writing by Ben Blanchard; Editing by Sam Holmes and Toby Chopra)

Source: Reuters “China-U.S. trade war would only cause pain: commerce minister”

Note: This is Reuters report I post here for readers’ information. It does not mean that I agree or disagree with the report’ views.


One Comment on “China-U.S. trade war would only cause pain: commerce minister”

  1. Mad Max says:

    “Zhong also spoke about China’s growing outbound investment, noting that a small number of Chinese companies had invested overseas “blindly and irrationally” in ways China did not encourage. He said the government would step up regulation around such investments.”

    Absolutely right. Make sure the fools DON’T put their money in India. It is just asking for trouble.

    This Sinophobic country, forever green with envy and jealousy, with a HUGE ego to match, covets other people’s properties.

    They have illegally grabbed Southern Tibet and named it “Arunachal Pradesh” and Beijing sits there in Zhongnanshan, like a Buddha, doing nothing. They have also illegally annexed Sikkim and the North Eastern frontier states like Manipur, Assam, Naga, etc., which are populated by non Indians. They have also grabbed Kashmir and Jammu whose inhabitants do NOT identify with India.

    What good is it being referred to as a major power, a super power, if you are unable to flex your muscles to put such thieves and brigands on notice : “Watch it. Make one wrong move and we’d send in our forces and teach you a lesson the way war monger Washington send their troops nto Iraq, Afghanistan, Syria, Libya, Vietnam, Korea, or create problems like in Ukraine, Yemen, Sudan, the former Yugoslavia, Central and South American states.”

    Any credible think tank worth its salt would already have a psychological country profile of India which states this country – under its current trajectory by nationalist forces – presents a real and present and future danger to the world. Their megalomaniacal ambitions, greed, covetism, and parasitism, can but only lead it to a tyrannical and unbridled empire building in the future. No one understands this better than the SAARC states. This is a rabid mad dog waiting to be unleashed into the world.

    Instead of containing such negative forces in the world, the irresponsible U.S. is encouraging it the way they encouraged the creation of the terrorist organization called ISIS. Truly the biggest threat to the world now and future continues to be Washington.