US-China Trade War: Scholars: Trade war in essence is war of manufacturing and high-tech

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02:15

Chinese scholars and academics have gathered in Peking University for discussions on the current China-U.S. relations. Trade frictions between the two major powers dominated the discussions. CGTN's Hou Na talked to scholars on their perspectives and insights.

The trade frictions between China and the US have intensified these days after the United States barred Huawei and its affiliates from buying US technology without government approval due to security concerns, as well as increased tariffs on $200 billion worth of Chinese imports earlier this month. Scholars academics debated the uncertainties and make possible predictions.

YU MIAOJIE, DEPUTY DEAN NATIONAL SCHOOL OF DEVELOPMENT, PEKING UNIVERSITY "I think it is highly possible that the U.S. will come back and sit down to make a deal with China. The Trump Administration is more eager to make this deal."

Professor Yu Miaojie from Peking University predicts in the beginning of this fall, a deal is likely to be sighed.

"One is Trump will have this deal as a campaign contribution at the end of this year. Second is more important because after the China-U.S. trade talk, U.S. need to have a trade talk with Japan."

Some experts say that if the escalation of the bilateral trade dispute is not a short detour before reaching a deal sooner or later, then the economic impact for consumers in China and the US, as well as in other parts of the world, will be fairly costly.

Chen Wenling from China Center for International Economic Exchanges thinks the essence of a trade war is a war of manufacturing and high-tech.

CHEN WENLING, CHIEF ECONOMIST CHINA CENTER FOR INTERNATIONAL ECONOMIC EXCHANGES "The trade war is not for trade itself, it is in essence the competition of the manufaturing industry and high-tech field between China and the U.S.."

Experts say the escalation will make goods produced by both countries less competitive and cause large-scale job losses. The war is far from over. Chinese companies should never stop innovation and technology upgrade. It was never a zero-sum game to begin with. HOU NA CGTN, BEIJING.