China reiterates its right to prosper

With ongoing trade talks being at a stalemate, China has asked the US to respect its right to develop and prosper, reiterating that the country's doors to the outside world would open wider.

Background

The world's two largest economies began their latest round of trade talks this week to resolve a bitter dispute in which each has levied tariffs on imports from the other. However, Chinese diplomats have requested the US to not meddle in its internal matters.

Analysis

The United States has accused China of unfair trade practices, including forced technology transfers, charges it has denied.

Respect and cooperation are the correct choice for both countries, something the international community hopes to see, State Councilor Wang Yi told the delegation of U.S. business leaders and former officials in Beijing on Tuesday.

"Just like the United States, China also has the right to develop, and the Chinese people also have the right to have a good life," the foreign ministry paraphrased Wang as saying, in a statement issued on Wednesday.

"As long as China and the United States proactively meet each other halfway, then trade and economic cooperation can still play a role as a ballast stone in Sino-U.S. ties," he said.

On Tuesday, President Donald Trump said trade talks with China were going well and suggested he was open to pushing back the March 1 deadline to complete negotiations, saying it was not a "magical" date.

Tariffs on $200 billion worth of Chinese imports are set to rise to 25 per cent from 10 per cent by March 1 if the partners do not settle their trade dispute, but Trump has suggested several times that he would be open to postponing the deadline. 

Assessment

Our assessment is that China and the U.S. must sign an agreement that will inspire their people, heralding accelerated economic development. Both countries will have to come up with agreements which will be mutually beneficial to each other and does not sideline the other economically and politically.