China-US Trade Dispute: Beijing responds to speech of US Vice President
Updated 09:40, 15-Oct-2018
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China's Ministry of Commerce has responded to the speech, given last week by US Vice President Mike Pence on China's economy. Beijing said Pence's comments ignore facts and confuse the public. The ministry said China has never -- and will never -- invade the economies of other countries. Our reporter, Wang Hui, has more.
In his speech on China, America's Vice President Mike Pence blamed Beijing's actions in the areas of politics, economics and the military. Pence said the US has rebuilt China. He also accused China of violating free and fair trade. I asked the Ministry of Commerce spokesman Gao Feng for their response to the accusations.
WANG HUI BEIJING "In Pence speech, he said that China's fast economic development was largely from America's investment in China, but China took an arsenal of policies that disobey free and fair trade, to economically invade the US. He also said that China used currency manipulation, tariffs, enforced technology transfer, and intellectual property theft. What's your response to this?"
GAO FENG, SPOKESMAN MINISTRY OF COMMERCE "The American leader's comments ignored the facts of China-US trade and economic cooperation, and was confusing the public. We don't deny the contribution of America's investment, but China's development is ultimately from China's economic reform and opening up, and people's hard work."
Gao added that since 1987 -- when statistics on foreign capital began to be recorded -- China has a total of 2 trillion dollars of actual use foreign investment. America's investment in China over that time was just 81.4 billion, about 4%. Gao also denied Washington's accusation of China being an economic invader.
GAO FENG, SPOKESMAN MINISTRY OF COMMERCE "China has followed the principle of being mutual-beneficial, and achieving a win-win result in our trade and economic cooperation. We have constantly opened our market to the world, and hope to share opportunities with our partners. China has never and will never make economic invasion to other countries."
The Ministry of Commerce spokesman said, according to the International Monetary Fund, China's contribution to world economic growth has exceeded 30% since 2013. And the World Trade Organization's figures show from 2001 to 2007, the global share of China's imports of goods increased from 3.8% to 10.2%. And the imports of services increased from 2.7% to 9.1%.
Gao also denounced Pence's comments that Beijing has been using policy tools inconsistent with free and fair trade. Instead, Beijing urges Washington not use this as an excuse to facilitate its unilateralism and protectionism.
WANG HUI BEIJING "Issues on the China-US trade spat dominated the 40-minutes long press conference. Despite concerns that the feud will move from the trade to the political arena, the spokesman reiterated that if the two nations have the sincerity of cooperating and managing their differences, they will be able to find a way to keep their economic relations on trade toward cooperation. Wang Hui, CGTN, Beijing."