On Sunday, China released a comprehensive white paper to formalize its positions on trade negotiations with the U.S. The set of statements come as the trade war escalates and Beijing threatens to hit back with a retaliatory blacklist of U.S. firms. Here are some key takeaways from the press conference announcing the white paper:
U.S. ‘responsible’ for stalled trade talks
The “U.S. government bears responsibility” for setbacks in trade talks, chided the paper, adding that the U.S. has imposed additional tariffs on Chinese goods that impede economic cooperation between the two countries and globally. While it’s “common” for both sides to propose “adjustments to the text and language” in ongoing negotiations, the U.S. administration “kept changing its demands” in the “previous more than ten rounds of negotiations,” the paper alleged. On the other hand, reports of China backtracking on previous trade deals are mere “mudslinging,” Wang Shouwen, the Chinese vice minister of commerce and deputy China international trade representative, said as he led the Sunday presser.China ready to fight if forced to
China does not want a trade war with the U.S, but it’s not afraid of one and will fight one if necessary, said the white paper. Beijing’s position on trade talks has never changed — that cooperation serves the interests of both countries and conflict can only hurt both — according to the paper. CNBC’s Eunice Yoon pointed out that Beijing’s latest stance repeats previous statements made back in September.Deals must be equal
Difference and frictions remain on the economic and trade fronts between the two countries, but China is willing to work with the U.S. to reach a “mutually beneficial and win-win agreement,” stated the paper. However, cooperation has to be based on principles and must not compromise China’s core interests. “Nothing is agreed until everything is agreed,” Wang said. He said one needs not “overinterpret” China’s soon-to-come entity list, adding that it mainly targets foreign companies that run against market rules and violate the spirit of contracts, cut off supplies to Chinese firms for uncommercial reasons, damage the legitimate rights of Chinese companies, or threaten China’s national security and public interests.