By Yang Yang | chinadaily.com.cn | Updated: 2019-06-24 06:45
Chinese experts shared their insights on the key issues in the China-US economic and trade tension at a seminar in Beijing on Thursday.
They shared views on technological blockades and economic development, protection of intellectual property rights, and fair play in the marketplace. Here's what they said.
Huang Hanquan, director of the Institute of Industrial and Technological Economics, National Development and Reform Commission
The technological blockade of the United States against China cannot stop China's development process. China has a complete industrial system, improving innovation ability, excellent application scenarios of scientific and technological innovation achievements, and a high-level, multilevel and all-dimensional pattern of international scientific and technological cooperation. The country has the ability to break through the blockade.
China also attaches great importance to the protection of intellectual property rights and has become a model for global intellectual property governance. In February 2018, The Global Innovation Policy Center released a report on the International Intellectual Property Index 2018, which maps the national IP environment for 50 surveyed economies with 40 indicators. China ranked 25th, up by 2 places from 2017.
With a strict intellectual property protection system, China has the ability to break through the US technological blockade and make progress in its economic development.
Gao Guoli, director of the Institute of Spatial Planning and Regional Economy, Chinese Academy of Macroeconomic Research
The US government's trade protection measures will damage the interests of US domestic consumers, businesses and agricultural producers. It is not conducive to the sustained and healthy economic development of the domestic economy and social stability of the US.
It is estimated that each US household will lose about $550 due to the tariffs the US government is currently imposing on products imported from China and the loss will surge to $2,200 if the US imposes tariffs on Chinese products comprehensively, Gao said, citing statistics from the Peterson Institute for International Economics.
Meanwhile, increasing tariffs will also increase US companies' production and operation costs and squeeze sales scale and profit space, he said.
Huang Qifan, vice-director of the China Center for International Economic Exchanges
No one wins in a trade war.
In the past few months the US barred many Chinese high-tech companies in core parts, chips and operation systems. This behavior will do harm to Chinese companies, but US companies will be hurt as well.
US companies have been serving Chinese consumers for a long time and the Chinese market accounts for 20-50 percent of its market share. If they lose the Chinese market, it is inevitable companies will lose money and go bankrupt.
The US government's behavior is against the trend of globalization and the tariffs it imposed on Chinese products will eventually be paid by US consumers and do harm to itself, China and the world economy.