• Tuesday, March 05, 2024
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Trade war: China will take measures to defend self, envoy insists

Trade war: China will take measures to defend self, envoy insists

The Chinese Government has insisted that in the face of the aggressiveness unleashed by the United States (US) over trade disputes, it will take necessary counter-measures to defend its vital interests legitimately even as it pointed out that it does not want a trade war with the US.

Minister Counselor of the Embassy of the People’s Republic of China to Nigeria Lin Jing disclosed this in Abuja while delivering his remarks at the, “Roundtable Dialogue on the Implications of the Trade War Waged by the U.S. on Global Economy” organized by Centre for China Studies (CCS).

Jing accused the US for starting a trade friction with China saying that US began first by launching Section 301 investigations which has taken several steps to escalate the situation.

 He noted that trade is mainly a voluntary, market-based activity. Even as he pointed out that China has never imposed trade terms on other economies. He noted that China is not to blame for not being at par on its trade with the United States which is currently causing trade war between these two the two countries.

He said international trade is the natural result of increased industrial specialization and China is only responsible for the final assembly of many of its exported products, while a great number of the intermediate products have been manufactured by other countries.

He stated that US has benefitted immensely from its trade with China to access  massive low-priced Chinese products with resources delivering a boon to American consumers and strengthening the position of dollar.

Jing explained that there is no legitimacy or justification for US to provoke trade dispute with China adding that waging a trade war doesn’t comply with global interests as all countries have been economically integrated into the global industrial and value chain to varying degrees.

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“We are all interdependent and our interests are closely intertwined. Clinging to the zero-sum game mindset and willfully provoking a trade war will harm the interest of not only the two party involved but also all other parties in the global industries chain. It will produce no winners.

“Thus, we call on all countries to take collaborative actions firmly curb such outdated and regressive move and steadfastly safeguard our common interest.

“This year marks the 40th anniversary of reform and opening-up. Openness brings progress. China will continue to press ahead with reform and opening up its market, and work with the rest of the world to uphold free trade and the multilateral trading system and is ready to strive with the international community for open and win-win cooperation, and contribute to a better shared future for all.

“If you want to go fast, go alone. If you want to go far, go together.” While the U.S is building walls, china is building bridges with the rest of the world including Africa. As agreed by both the Chinese side and the African side, this September China will host the FOCAC Beijing summit under the theme china-Africa: Toward an Even Stronger Community with a shared future through Win-Win cooperation. The summit will be a meeting of equals for win-win cooperation. It’s our firm believe that the Summit will further improve the well-being of the Chinese and African people to promote world peace and development” he said.

Contributing, the Director of Centre for China Studies (CCS), Charles Onunaiju earlier in his remarks, noted that  the dialogue was fundamental to the understanding of the implication of the trade dispute especially on developing countries like Nigeria even as he admonished that the two global economic giants must find ways to avert the threat on international trade which has blossomed over the years.

Onunaiju  also advised the Nigerian government and stakeholders to take advantage of forthcoming China trade expo in November to expand various sectors of the  economy saying, that getting five percent of Chinese population to patronize Nigerian products will improve the fortunes of the economy.

The  Manufacturers Association of Nigeria (MAN),  represented by  Sulu Gambari said China as a big player in global economy has traded successfully with Africa in a win -win situation even as he urged the Chinese government to make issuance of visas to Nigerian manufacturers  less difficult.