Focus – Corresponds to the one who tied the bell to the tiger taking it off

In reality, the essence of the Chinese-American economic and commercial relationship is the mutual benefit and win-win, forming a structure of interests that in yours is something of mine and in mine there is something of yours.

Almost 60% of the US trade deficit with China comes from companies with foreign investment, especially from North American companies.

A third of the worldwide increase in overseas sales of companies with US capital comes from the Chinese market. North American companies such as Qualcomm, Microsoft and Google sold parts and accessories worth US $ 11,000 million to Huawei in 2018. In addition, a quarter of retail products in the US market are imported from China, and 26% of the products Wal-Mart's come directly from China.

The quality

Chinese products of excellent price-quality ratio reduce the cost of living for American families. According to an analysis by a US financial institution, a common family in this country will pay an extra US $ 1,000 per year for additional fees.

The United States not only has a trade deficit with China, but also with many other countries. The root cause of the deficit is in the economic structure, the application of a long-term fiscal deficit policy and restrictions on high-tech export and investment. According to the Carnegie Endowment for International Peace report, if the United States reduces its export control to China to the level of France, the trade deficit with China can be reduced by 35%.

In addition, both parties use different statistical standards. According to the Chinese side, China's trade surplus with the United States in 2017 was US $ 275.8 billion, while the US side estimated that the deficit was US $ 375.2 billion, a difference of US $ 99.4 billion. According to the calculations of the joint Chinese-American statistical group, the US trade deficit with China is obviously overestimated by 20% each year, and in fact it only reaches US $ 260,000 million. If we consider the commercial service surplus of US $ 60,000 million and the sales of US $ 300,000 million of US companies in China, the balance between the two countries is basically balanced.

Given the pressure of Chinese-American trade friction, the Chinese economy remains resilient and stable. In the first half of this year, the Chinese economy grew by 6.3% year-on-year, in line with established expectations, and is far ahead of the world's leading countries. China's annual economic increase is still equivalent to the total volume of an average developed country, which means an Australia or Mexico each year.

China's economic growth pattern has registered fundamental change, and its dependence on exports has decreased considerably. In the first half of the year, consumption contributed more than 60% to China's economic growth. China has a population of 1.4 billion and a middle class of 400 million. It is the largest consumer market in the world. The potential market is three or four times larger than that of the United States.

The staggering of the trade "war" against China by the US side is not a "private matter" between two countries, but a "public thing" that has to do with international trade rules and the prospects of the global economy. Trade friction has led the world economy, which was originally in a difficult recovery, to a crisis that threatens the return of the recession. The WTO has lowered its forecast from 3.7% to 2.6% of global trade growth for 2019. According to the report of the Organization for Economic Cooperation and Development (OECD), the intensification of trade friction between China and The United States can cause a loss of 0.7% of global GDP from 2021 to 2022, equivalent to around US $ 600,000 million.

In a trade war there is no winner. How can we stop it? The Chinese Government has said that its priority is to continue negotiations with equality and respect. However, as a saying from Chinese Buddhism says: It corresponds to the one who tied the bell to the tiger to take it off.

The author is ambassador of China in the DR.