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APEC business community calls for trade liberalization amid Sino-U.S. trade war

07/11/2018 16:37

The APEC China CEO Forum, an international economic event, kicked off in Beijing on July 7, with many official and business leaders calling for China to take a more important role in globalization and trade liberalization.

Held by the China Council for the Promotion of International Trade alongside the China Chamber of International Commerce and APEC China Business Council, the forum comes at a time when tensions between China and U.S. are escalating dramatically, with China accusing the U.S. of igniting the largest trade war in economic history, while the latter imposed 25-percent additional tariffs on Chinese products, worth $34 billion, on July 6.

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The tariffs, which violate WTO rules, have been criticized as a typical “trade bully tactic” by China’s Ministry of Commerce and have also been denounced by experts from both China and abroad, who noted that such moves may pose a grave threat to the security of global industry.

Yu Jianlong, general secretary of the China Chamber of International Commerce, told media that China will further promote globalization and multilateralism, adding that the country should fight against emerging protectionism, as well as actively participate in economic integration and cooperation in the Asian-Pacific region.

Echoing Yu, many experts have reiterated the importance of globalization and free trade, noting that APEC should serve as a global engine for trade liberation and inclusive development.

“Australia and China stand side by side on the international stage to promote globalization, as well investment liberalization,” said Jan Elizabeth Adams, Australian Ambassador to China, who stressed that there would be no winner in a trade war.

“[A trade war] is definitely not what we want for China and U.S. China has already signed 16 free trade agreements with 24 countries, aiming to promote globalization, and we will keep doing so despite the trade war,” said Huang Yong, director of international cooperation center of China’s National Development and Reform Commission.

“To be honest, if U.S. really insists on curbing China, the trade war will also backfire on the country itself. Many U.S. companies I know, especially those tech giants in Silicon Valley, are against such a trade war. The trend of globalization is unstoppable,” Zhang Lu, an investor of Fusion Fund, told People’s Daily Online.

(Source: People’s Daily Online)

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