America first will not make it great again

Editor's note: The Chinese government published a white paper on Sunday, elaborating on the developments of China-US economic and trade frictions, clarifying its principled stance, and pointing out the responsibility for the setbacks in bilateral talks lies with the US government. Zhong Sheng, a columnist for People's Daily, comments:

This is the second time the Chinese government has issued such a white paper on the trade frictions — the first was released in September 2018 — demonstrating its long-cherished stance and determination to resolve this issue.

What the different stances and actions between China and the US on economic and trade issues reflect are the differences in credibility and moral responsibility. It is the US that has triggered the economic and trade frictions, while China has always adhered to consultations on the basis of equality, mutual benefit and good faith.

Obsessed with the "America first" strategy, the US has adopted a series of unilateralist and protectionist measures, imposing tariffs to seize what it can from other countries. Using domestic laws, it has frequently launched unilateral investigations into its major trading partners, including China, roiling the global economic and trade landscape. It disregards the different economic structures and development stages of the two countries and the current international division of labor, and insists that China adopts unfair and unequal trade policies, believing it has suffered heavily from its trade deficit with China. However, all facts show that the perception that hegemony can make the US "great again" is not only a grave miscalculation but also a serious threat to world peace and development.

According to the white paper, US exports to China have fallen for eight consecutive months due to the trade frictions. Chinese enterprises' direct investment in the US declined by 10 percent year-on-year to $5.79 billion in 2018. It is estimated the GDP of the US will probably decline by $64 billion to $91 billion annually for the next five years, 0.3 percent to 0.5 percent of its total GDP. If 25 percent tariffs are imposed on all Chinese goods, it will lose another 1.01 percent of its GDP, and 2.16 million jobs would be lost.

The Chinese government always holds that the threat of a trade war and the practice of increasing tariffs are not conducive to solving the two countries' economic and trade problems. Only when the two sides jointly advance relations based on coordination and cooperation can they improve the well-being of the peoples in two countries and the whole world.