he pingli | we need dialogue and implementation! stabilizing sino-us relations cannot be just talk.
2024-09-19
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the united states has long been suppressing other countries in order to implement trade protectionism and safeguard its own interests, and hyping up "overcapacity" is just one of its many means. (source: song chen, china daily)this thursday and friday, a delegation led by jay shambaugh, under secretary of the treasury for international affairs, and consisting of the u.s. treasury department and the federal reserve will visit beijing to meet with chinese officials.
it is reported that during the china-us economic working group meeting, the us side is expected to express its concerns about china's economic trends and "overcapacity".
"during our visit to china, we will further explore china's macroeconomic imbalances and industrial policies, the latter of which may cause significant damage to american and global workers and businesses," said shambaugh.
the chinese government insists that the chinese economy is strong and resilient and denies accusations of overcapacity.
it can be predicted that this meeting held under the china-us economic working group mechanism may once again turn into a misunderstanding.
the united states has added chinese company after company to its "entity list", imposed high tariffs on chinese products (including raising tariffs on chinese electric vehicles to 100%), and tried hard to coerce its allies such as japan, the netherlands, and south korea to establish a "chip iron curtain" against china - all these actions fully demonstrate how narrow the u.s. definition of chinese manufacturing and "overcapacity" is.
the argument of "overcapacity" comes from the political purpose of the us government, which wants to use non-market means to suppress china's high-tech and competitive industries. what the us wants is to make china a manufacturing base for low-end consumer goods forever, and to open up china's financial sector to the us prematurely. in this way, the only result is that china's finance will be controlled by the us.
as the biden administration's decision to impose additional 301 tariffs on china hangs in the balance, the u.s. delegation should not view it as a bargaining chip in negotiations with china, as the chinese economy has gradually adapted to the impact of 301 tariffs over the past five years. the u.s. delegation should also keep in mind that american companies and consumers have also suffered greatly from the first day that punitive tariffs were implemented.
at present, the challenges facing the chinese economy are mainly structural problems of the domestic economy. for a long time, the chinese economy has relied on the prosperity of real estate. like other emerging economies, real estate has become a shortcut for china to create wealth in the early stages of economic development.
if the united states really wants to help china solve its economic problems, it should not suppress china, but rather affirm china's efforts to gain a higher position in the global value chain. the united states should abandon its zero-sum cold war mentality and view china's development objectively.
as chambeau said, it is very important for the two sides to have a "flexible channel" for dialogue and negotiation, "especially in areas where we have differences." however, if the us continues to politicize sino-us economic relations, the willingness of both sides to improve bilateral relations reached at the sino-us economic working group meeting will only remain verbal.
as the world's two largest economies, the outside world has high hopes that china and the united states can stabilize bilateral relations through dialogue. however, the united states has taken no practical action and is only negotiating for the sake of negotiation, which may turn high hopes into disappointment.
this article is adapted from the china daily editorial of september 19
original title: walking the talk way to stabilize relations
produced by: china daily editorial office, china daily chinese website
translated by: cao jing editor: li haipeng
source: china daily
