Windhoek — Chinese ambassador to Namibia, Zhang Yiming has expressed concern the tit-for-tat trade war between China and the US could result in a global economic crisis.
"As the "Grey Rhino" of China-US trade war rampages, many people are worried that the "Black Swan" of global economic crisis might come in the aftermath," said ambassador Zhang on the trade war between the two world's largest economies. "China does not want a trade war, but it is not afraid of such one and would fight for it if necessary. We have high spirit, absolute determination and necessary ability to resolve any risks and challenges on the way to win this war. We will never succumb to any hegemonic pressure from outside," he stated.
He was resolute saying, "We oppose any forms of unilateralism and bullying, and we believe that win-win cooperation is the only right way to realize global economic development."
This week, some of the world's biggest footwear firms urged US President to end the US trade war with China, warning of a "catastrophic" effect on consumers. A letter signed by 173 companies, including Nike and Adidas, said Trump's decision to raise import tariffs on Chinese goods will affect the working class. They also warned higher levies threaten the future of some businesses.
"Since March, 2018, US has triggered and continuously escalated the trade war with China by proposing unreasonable charges repeatedly and raising tariffs abruptly on Chinese goods.
"On 10th May, 2019, on the pretext of "unbalanced trade", US once again decided to pose 25 percent tariffs from 10 percent on the imports goods worth US$200 billion from China. Against such capriciousness and bullying, China simultaneously issued announcement about taking counter measures," said Zhang.
"China-US trade consultation process has been repeatedly thwarted, which were totally imputed to US. In order not to bring negative effects on the two countries' economy and the global trade, China has remained engaged in dialogue and consultation with the utmost patience, goodwill and sincerity, and has done its utmost to push ahead negotiation with the US with the expect of narrowing differences and broadening consensus," said the Chinese ambassador.
He however expressed his disappointment that, "the US has repeatedly turned its back to the consultations, frequently "changing faces" by resorting to higher tariffs with no care about its own image and reputation in the face of the world."
He said although China is willing to make an agreement with US, "there is no way China will compromise its national dignity and core interests," adding the US as the largest economic power in the world, "has shifted from "advocating free trade" to "embracing trade protectionism."
The US vigorously pursues unilateralism, ignoring duly privileges bestowed to developing countries under the framework of WTO, misinterpreting the conception of "peer-to-peer openness" which places the developing countries in unfavorable trade status.
Moreover, he says the Trump administration under the pretext of "American security," applies the extraterritorial effect of its domestic law to the fullest, ignoring the international rules and rampaging across the world capriciously.
"It frequently implements long-armed jurisdiction, forcing foreign enterprises cooperate with US government otherwise they will faced the latter's sanctions," said Zhang.
Further, he US smears China "so as to confuse the public and uses trade imbalance as an excuse to impose huge tariffs, unleashing economic bullying, such as the current Sino-US trade frictions. It is self-evident that some American politicians are not aware that the historical trend of current world is "win-win cooperation. They still adhere to the mentality of Cold War and zero-sum game. They take it for granted that China's development will inevitably encroach the American cheese. This is a strategic misjudgment that will dangerously creates a "Thucydides trap" by themselves."
"Therefore, Sino-US trade friction is to some extent a contest between progress and backwardness, free trade and protectionism, unilateralism and multilateralism. There is a Chinese saying goes, "A just cause enjoys abundant support, while an unjust one finds little support."
He noted at the general debate of the 73rd session of the UN General Assembly last year, most countries criticized US protectionism for exacerbating trade frictions and articulated that unilateralism and trade protectionism were the highest risk for current world economy.
"The unilateralism and hegemony pursued by the US are unpopular and destined to fail. The United States will swallow the bitter fruit of its own brewing. On the trade war, China's position has always been clear, there is no winner in the trade war. China does not want such a war, but it is not afraid to fight it. We have long been preparing for the worst results," he said.
China's economy is showing strong resilience.
Quoting data from the World Trade Organization, Zhang noted China's share of global imports and exports in 2018 was 10.8 percent and 12.8 percent respectively, acting as a "stabilizer" of global trade. In addition, he said China's gross domestic product (GDP) growth rate has remained 6.4 percent to 6.8 percent in recent 14 consecutive quarters, achieving a medium-to-high-speed growth as a large economy.