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MNI INTERVIEW: Rush for Trade Deal Not China Goal: Researcher
--China Concerned With Final Trade Outcome, Not Speed Of Talks: Bai
BEIJING (MNI) - China may not be as concerned with the speed as with the
final outcome of moves to break the trade deadlock between Beijing and
Washington, despite increased pressure from the U.S. as tensions escalate, a
researcher at a Ministry of Commerce (MOFCOM) run think-tank said in an
interview with MNI.
"The person who tied the bell should untie it," said Bai Ming, deputy
director of the Institute of International Market at the Chinese Academy of
International Trade and Economic Cooperation, a MOFCOM research body, inferring
the U.S. should be the side to end the trade war.
"China's goal is a win-win outcome for both China and the U.S. rather than
making compromises," Bai told MNI, adding China will not sacrifice its core
interests, especially the right to move forward efforts to upgrade and
restructure its economy and high-tech development.
"What we hope for is a settlement in which interests of both China and the
U.S. would be maximized, instead of the U.S. wins and we lose; that's 'a treaty
signed under coercion,'" he said, using a phrase that resonates with historical
significance in Beijing.
Current debate in China, at least in the government censored mainstream
media, is full of nationalistic fervour, making it unlikely China will concede
ground to a western power whilst seeking greater influence globally. As such,
China's government has stated President Donald Trump's carrot-and-stick strategy
is not working and will not work.
--NO RETREAT
The Chinese government and state media in recent days have stated China
will not retreat from the trade war, stressing challenges can be turned into
opportunities for high-quality growth.
"We will not be aloof facing the U.S. tariff action," Bai said, stressing
China may not immediately hit back at the next U.S. move, "but we will retaliate
at a time when we think it's most appropriate."
The Trump administration has signalled that it is open to negotiations with
China to resolve trade conflicts, but has stepped up sanction measures at the
same time. Last week, the administration announced a hike in the tariff rate to
25% from 10% on a further $200 billion of Chinese goods, with U.S. tariffs on
China now totalling $250 billion -- about half of China's goods exports to the
U.S. in 2017.
Bai Ming expressed doubt on U.S. officials' willingness to resume trade
talks, which indicates increasing mistrust between the world's two largest
economies.
"The U.S. said it wants to negotiate, but it has not shown sincerity," Bai
said. "If we have talks now, it may just be repeating each other's original
stances onto the negotiating table."
Bai noted China remains doubtful over U.S. credibility after the Trump
administration's previous flip-flop following their Washington joint agreement
reached in mid-May.
--"PRECISE TARGET"
China's countermeasure to the U.S. trade action would integrate
quantitative and qualitative measures, Bai told MNI, adding the key is a
"precise target and effective countermeasures."
"During this process, we want the U.S. to return to the negotiating table
as peacefully solving the trade conflicts through talks is the best outcome,"
Bai said, "But we will let the U.S. know there are costs for exercising trade
protectionism."
Chinese authorities announced last Friday a list of $60 billion in duties
on U.S. goods, which would be effective should Washington follow through on
their latest tariff threat.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: iris.ouyang@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: M$A$$$,M$Q$$$,MT$$$$,MX$$$$,MGQ$$$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.