China-US Trade War: Business executives from both sides meet in Beijing
Updated 17:23, 12-Sep-2019
Business executives from China and the United States have urged their governments to find a way forward in their ongoing trade war and help bring more certainty to the global economy. Their calls at a special China-US CEOs Dialogue in Beijing come just weeks before the two governments are scheduled to resume their lengthy negotiations. Wang Hui has more.
The two-day CEOs Dialogue wrapped up in the Chinese capital today.
While it did focus a lot on the impact the dispute was having on the global economy. It also looked to the future and the potential opportunities for businesses in both countries.
One Chinese official said there was plenty of consensus on key issues during the meeting.
WEI JIANGUO, VICE CHAIRMAN CHINA CENTER OF INTERNATIONAL ECONOMIC EXCHANGES "The US Chamber of Commerce reiterated that they don't support the US government's resolution of adding tariffs. Participants from both sides agreed that China is not a currency manipulator. Also, we can't cut the economic connection between the two countries, as we need each other. We can cooperate in scientific innovation areas, such as AI and big data."
A dozen rounds of high-level negotiations have so far failed to resolve the quagmire, the last of which was in July.
Many feel the marathon talks and uncertainty are putting untold stress on many companies, on both sides of the Pacific.
Despite the deadlock, however, one US official said American businesses in China were relatively comfortable with the situation for now.
CHARLES FREEMAN, SENIOR VICE PRESIDENT FOR ASIA U.S. CHAMBER OF COMMERCE "Most of American companies is to here to serve here, not treat it as a platform. The American companies are looking for supply chains from different platforms, but we don't know where, and there are uncertainties."
But Freeman did stress for more pragmatism on both sides to find a breakthrough.
CHARLES FREEMAN, SENIOR VICE PRESIDENT FOR ASIA U.S. CHAMBER OF COMMERCE "There is no winner in the trade war. We are tired of losing, so our take away is that both sides believe strongly about the importance of truce, and sense of urgency and needs of near-terms victories in the China-US trade relations to get us back on track."
The US has gone so far as to sanction some Chinese companies working in the country, cititing national security concerns.
China is now preparing a list of American companies it feels can't be trusted.
WEI JIANGUO, VICE CHAIRMAN CHINA CENTER OF INTERNATIONAL ECONOMIC EXCHANGES "We will only target those companies which will hurt China's core interests and those who give us grave concerns. The core interests include China's territory and sovereignty, as well as China's security and development. We want to make more friends, not hurt anybody."
WANG HUI BEIJING "Wei says they had high-quality conversations during the event. The two countries' participants didn't blame each other; instead, they were trying to find solutions at the meetings. The entrepreneurs from both countries were willing to unite together to continue their cooperation, and take more pragmatic approaches to walk through this difficult time hand-in-hand."