China-US Trade War: China: US benefits greatly from bilateral trade
Updated 09:32, 07-Jun-2019
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02:28
China's Ministry of Commerce said at a weekly briefing Thursday that the United States has benefited greatly from the two countries' bilateral trade and that China will soon release details about its unreliable entity list. CGTN's Cui Hui'ao reports.
The Chinese Commerce Ministry's latest report highlights two ways in which America is benefiting from bilateral trade. First, through selling to China -- including exporting more than 240 billion dollars worth of goods and services to the country in 2017.
Then, there are the US companies profiting from China itself. These firms raked in 700 billion dollars in sales in 2017 alone. Second, the US benefits from Chinese capital. By the end of 2017, Chinese investment in the US amounted to 156 billion dollars, and China held 1.18 trillion dollars of US debt. In addition, American financial institutions gained 33 billion dollars by investing in Chinese financial institutions.
GAO FENG, SPOKESMAN CHINESE COMMERCE MINISTRY "Both countries benefited from the bilateral trade. The argument that the U.S. suffered losses and China has taken advantage of the U.S. does not hold ground."
Meanwhile, on China's newly-announced list of Unreliable Foreign Entities, Gao told reporters the process of drawing up the list is underway, and more details will be released soon. The list was read by some as a response to a U.S. decision to put Huawei Technologies on a blacklist, but Gao says companies that abide by Chinese laws do not have to worry.
GAO FENG, SPOKESMAN CHINESE COMMERCE MINISTRY "As a legal system design, the unreliable foreign entity list does not target any specific field, company or organization. It is aimed at those who do not abide by market rules, deviate from the spirit of contracts or impose blockades or breaks on Chinese enterprises for non-commercial purposes."
Beijing has taken a tougher stance on the trade disputes, in response to the recent escalation of tensions. The latest report on trade comes four days after the release of a white paper, which pins the U.S. for taking full responsibility for the difficult trade talks.
CUI HUI'AO BEIJING "President Donald Trump claims the US has the upper hand in the trade war with China. Well today, spokesperson Gao Feng responded, saying that kind of mentality is doomed to fail if the U.S. keeps infringing upon China's sovereignty and interests. China will take necessary countermeasures to fight this war. Cui Hui'ao, CGTN, Beijing."