China-US Trade War: Trade Symposium held at Tsinghua University in Beijing
Updated 17:30, 09-Jul-2019
Tsinghua University has held a symposium on China-US trade ties. What impact will the trade war have on both sides, and the world economy? What measures should be taken to safeguard multilateralism? Our reporter Su Yuting has the story.
Scholars and experts believe no one will benefit from the trade tensions between China and the US.
Li Dao Kui, director of the Academic Center for Chinese Economic Practice and Thinking at Tsinghua University, hosted the discussion. He said that as a growth engine of the world economy, China is taking responsibility for safeguarding the global free trade system and making efforts to stabilize the world economy.
Other experts said that, for China, it's crucial for domestic businesses to diversify in foreign trade markets to promote greater opening-up.
PROFESSOR XUE LAN SCHWARZMAN SCHOLARS, TSINGHUA UNIVERSITY "In terms of the Chinese people and the Chinese government, they are very determined to avoid the further deteriorating of the two countries' trade ties. We certainly want to collaborate and be more open, and I think that has been demonstrated by many measures taken by China and further policies of reform."
In the name of protecting domestic industries, Washington has placed steep tariffs on billions of US dollars' worth of products from China, a heavy blow to the two countries' economic and trade relations.
Experts said both China and the US play important roles in the global industrial chain, supply chain and value chain, adding that the escalation of trade frictions will surely disrupt the existing world economic chain and lead to chaos in the global market.
BAI CHONG-EN, DEAN SCHOOL OF ECONOMICS AND MANAGEMENT, TSINGHUA UNIVERSITY "The uncertainty created by the trade friction is extremely harmful to both economies. For example, some measures taken by the US government have disrupted the global value chain. And those US companies that are part of the global value chain, they are facing uncertainty as well."
SU YUTING BEIJING "China and the US are now each other's biggest trading partner and important investment destination. The past and present have proven that China and the US, as the world's two largest economies, stand to benefit from cooperation and lose from confrontation. And experts have said cooperation is the best choice for both sides. Su Yuting, CGTN, Beijing."