We begin with the ongoing trade tensions between China and the United States. Beijing says it does not want a trade war, but now that Washington has imposed wide-sweeping tariffs on Chinese exports. Will the country respond with a tit-for-tat move? Our reporter Wang Hui met a senior official who tells us more.
The US in August launched the 301 investigation into China, citing the theft of US intellectual property and forced technology transfer by China.
Beijing says the investigation is a typical unilateral action that has its basis in protectionism, as it is part of US domestic law. The investigation broke America's own commitment to the World Trade Organization, and also the group's rules.
CHEN FULI DIRECTOR OF DEPARTMENT OF TREATY AND LAW CHINESE MINISTRY OF COMMERCE "Since China pursued a reform and opening up policy 40 years ago, China has firmly facilitated market-orientated reform, expanded market access, strengthened the protection of intellectual property rights. The US ignores China's reality. It ignores the years of efforts that the two countries have put in to strengthen economic and trade cooperation, and dialogues on intellectual property rights."
China and the US have grown to become close economic partners. In 2017, trade in goods reached 580-billion US dollars, up more than 230 times from 40 years ago when both countries established trading links. Trade in services reached 120-billion dollars, and accumulated two-way investments exceeded 230-billion dollars.
Bilateral trade between China and the US has brought about benefits. And Chen believes this decision to impose tariffs on Chinese goods will negatively impact all parties.
CHEN FULI DIRECTOR OF DEPARTMENT OF TREATY AND LAW CHINESE MINISTRY OF COMMERCE "The US chose to launch the unilateral investigation, and take measures of limitation against China, which is a very wicked example. It's not good for the interests for China, US, and the rest of the world."
WANG HUI BEIJING "Despite repeated questions, Chen refused to provide details behind Beijing's plan, or name any sector or companies that will be affected. But Chen said Beijing is fully prepared, and will resolutely protect China's legitimate rights. Beijing will continue to watch Washington, and act accordingly as soon as the US makes a move. According to Chen, Beijing's actions will be comprehensive. Wang Hui, CGTN, Beijing."