China's business community comes out against Section 301 report

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China Chamber of International Commerce (CCOIC), on behalf of the Chinese business community, has expressed its firm opposition to the protectionist measures the US government intends to take.

Speaking to CGTN, its Vice President Chen Zhou says what the US cited as justification for its tariffs – the Section 301 report – is seriously lacking in facts and evidence. The CCOIC participated in the Section 301 investigation, and submitted nearly 1,000 pages of written comments to disprove the allegations.

Section 301 of the Trade Act of 1974 creates a fast track authority for the US president to negotiate trade agreements. It enables the US to take a unilateral action outside the World Trade Organization process.

As explained by Chen, the dozens of comments submitted to the US government by the public do not provide enough substantial evidence to support allegations like "mandatory technology transfer." On the contrary, most of the comments indicate the protection of intellectual property rights in China has significantly improved.

The protectionist measures imposed by the US government which may trigger a "trade war" will cause incalculable losses to the business communities, consumers, and laborers of both China and the US, leading to a lose-lose situation and thus affect other countries as well, said Chen Zhou.

The CCOIC believes that interdependence is the basic characteristic of Sino-US relations, and mutual benefit is the essence of Sino-US economic and trade relations. Chen told CGTN, "Dialogue and consultation can completely resolve the relevant differences between the two countries."