Chinese President Xi Jinping extended congratulations to Donald Trump on his election as the President of the United States, signaling a potential shift towards more collaborative economic relations between the two global powerhouses.
Despite ongoing challenges, experts advocate for China and the U.S. to advance their economic and trade relations based on pragmatism and reciprocity. Such cooperation is seen as crucial for contributing to global economic recovery and fostering advancements in science and technology.
The recent trade and technology conflicts initiated by the U.S. against China have highlighted the detrimental effects of unilateral measures like tariffs and technology barriers. These actions have not only failed to address the intended goals, such as reducing the substantial trade deficit and alleviating structural dependencies, but have also imposed significant costs on the U.S. economy.
For instance, the decrease in Chinese imports has led to shortages of certain products, driving up prices and increasing production costs. This has, in turn, raised living expenses for consumers and placed additional burdens on businesses. Furthermore, Chinaās countermeasures have curtailed the export market for U.S. products, adversely affecting industries such as agriculture and manufacturing, along with their workforce.
On the technology front, the U.S. has intensified restrictions on Chinese tech companies, including Huawei, and implemented stringent export controls aimed at creating technological decoupling. These measures have not only harmed the economic interests of businesses and consumers in both nations but have also disrupted the stability of global supply chains. In the long term, such policies may undermine the competitive positions of both China and the U.S. in the global market.
However, there remains substantial potential for mutual interests in the realms of trade and technology. The economies of China and the U.S. continue to exhibit a high degree of structural complementarity, maintaining robust economic ties across multiple sectors. Trade volumes between the two nations remain elevated, underscoring the enduring strength of their economic relationship.
By prioritizing pragmatic and reciprocal approaches, China and the U.S. can navigate their economic interactions in a manner that supports global stability and prosperity.
Reference(s):
cgtn.com
