China stuck to its bottom line in the recent trade negotiations with the US, said Mei Xinyu, a business writer for
Xiakedao, a social-media-based opinion platform run by the
People’s Daily.
China has agreed to ease the trade imbalance by expanding imports rather than, as the US required, reducing exports. China has meanwhile avoided being assigned any specific quota by the US in terms of reducing the trade surplus. The country has safeguarded its rights to industrial upgrade and self-development.
While expanding imports will create more business opportunities and help expand employment in the US, Mei said, reducing exports will weaken the purchasing power of the Chinese market and consequently leave US industries less space to grow in the country. Given that the US continues to be an important overseas market for China, China can only keep benefiting when the US economy is being kept from being excessively overbalanced.
However, the agreement doesn't guarantee there will not be any obstacles when it comes to implementation, and neither does it suggest the complete vanishing of trade conflicts. In the foreseeable future, there are likely to be trade frictions of different types between China and other nations, the US in particular. With the mid-term elections coming and the US still suffering from recession, there is a high likelihood of China continuing to receive trade complaints from the US, Mei said.
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