A reprint of argumentation. &"The content of exchange rate in this agreement embodies the principle of equality and mutual benefit and respect for the autonomy of monetary policy of the other party, including not engaging in competitive devaluation and not using exchange rate for competitive purposes, which fundamentally guarantees the autonomy of China's exchange rate policy and will not bring adverse consequences like the Plaza Agreement," said Dong Yan.
In this agreement, both parties agree that the exchange rate issue and exchange rate evaluation is essentially a multilateral issue, and neither party can make its own judgment. This will help to properly solve the problems of some people in the United States labeling the "exchange rate manipulator", reduce the disputes and differences between China and the United States on the exchange rate issue, and maintain the stable operation of the foreign exchange market and the financial market.
The expansion of imports from the United States is in line with China's established policies and practical needs, and will be purchased voluntarily by Chinese enterprises and consumers in accordance with market principles. The government will not adopt administrative instructions, financial subsidies and other ways to achieve this scale
According to the agreement, China will expand imports of agricultural products, energy products, industrial manufactured products and service products from the United States. In the next two years, the import scale will increase by no less than US $200 billion in 2017. In this regard, Cheng Dawei believes that & ldquo; bilateral trade between China and the United States is highly complementary. Expanding imports is conducive to optimizing resource allocation, adjusting industrial structure, adapting to consumption demand and promoting high-quality development of China's economy. ”
Cheng Dawei said that China never deliberately pursues trade surplus, always pursues free trade, and insists on achieving balanced development of foreign trade by expanding imports. It has been fully demonstrated that the expansion of imports is China's established policy and consistent direction of work.
Expanding imports is in line with economic laws. Compared with the United States, China still has a gap in manufacturing, service, agriculture and other fields. Expanding imports from the United States will help to better meet the people's growing needs for a better life, improve the innovation ability and operational efficiency of domestic enterprises, and promote industrial transformation and upgrading. Increasing energy imports from the United States will help China to diversify energy imports and ensure energy supply security. And both parties will carry out procurement activities based on market price and commercial considerations.
Will the expansion of imports impact China's industry? Cheng Dawei believes that in the short run, expanding imports may affect the market space of some Chinese enterprises, but in the long run, the spillover effect of technology import, the introduction of advanced management concepts and mechanisms, as well as the external pressure and the adverse force of benign competition will be conducive to the acceleration of industrial transformation and upgrading.
Will import from the United States increase by no less than $200 billion in the next two years? Cheng Dawei believes that, first of all, China has a large market with a population of nearly 1.4 billion and a middle-income group of 400 million. The basic trend of China's economic stability and long-term growth has not changed. We should have enough confidence in the stable growth of China's market demand. Secondly, no less than 200 billion US dollars of goods will be purchased voluntarily by Chinese enterprises and consumers in accordance with market principles. The government will not adopt administrative instructions, financial subsidies and other ways to achieve this scale. &In addition, in order to achieve this scale, the US side should also create favorable conditions and ensure that appropriate measures are taken to ensure that there are enough US goods and services for China to purchase and import. This will also push the United States to move some Chinese enterprises out of the & ldquo; entity list. & ldquo; if Chinese enterprises are affected in operation due to the & lsquo; entity list & rsquo; restriction, and their purchasing ability is compromised, and they are unable to import enough products and services, then the responsibility lies entirely with the United States. &"Cheng Dawei said.
Will expanding imports from the US affect the interests of other trading partners? Cheng Dawei believes that & ldquo; there is a huge market space in China and always welcomes equal competition among suppliers from all countries. As long as products and services from all countries are of high quality, there is no worry that there is no space in the Chinese market. ”
In the bilateral assessment and dispute settlement mechanism, the rights and obligations of China and the United States are completely equal, and it is by no means a unilateral mechanism for the United States to supervise China
According to the principle of reciprocity, the agreement defines the bilateral assessment and dispute settlement mechanism. Shen Yi, director of Fudan University's cyberspace research base, believes that this is an innovation of trade dispute settlement mechanism in the context of globalization.
This mechanism is in addition to the WTO trade dispute settlement mechanism, which provides a new channel for China and the United States to resolve trade disputes. Shen Yi believes that the & ldquo; mechanism is not & lsquo; a new start & rsquo;, but adheres to the basic principles of the WTO trade dispute settlement mechanism, and both sides will retain their basic rights under the WTO. On this basis, the two sides can carry out bilateral consultations on major trade issues in a timely manner, effectively avoid the escalation of trade conflicts and maintain the stable development of trade relations. ”
&"In this mechanism, the rights and obligations of China and the United States are completely equal. It is by no means a unilateral mechanism for the United States to supervise China. Not only will the us be allowed to initiate consultations on expanding the import and export of commodities, but China can also initiate consultations on expanding the import and export. &"Shen Yi said that if China is willing to import certain goods from the United States, but in fact it is difficult to import them, i.e., & ldquo; if it wants to buy, it can't buy & rdquo;, in this case, it can take the initiative to initiate bilateral consultations and invite the U.S. side to the negotiation table for a talk, which will build a & ldquo; ladder & rdquo; for China to import restricted goods from the United States;.
&"For example, in the past, the U.S. side used to impose export controls on me in some high-tech fields without even negotiating. Now, with this consultation mechanism, we can launch consultations on expanding the import of US high-tech products, which provides the possibility for me to import relevant high-tech products. &"Said Shen Yi.
Zhang Yansheng, chief researcher of the China economic center, said the bilateral assessment and dispute settlement mechanism were achieved through arduous negotiations between China. This is a relatively balanced and fair mechanism, reflecting the principle of reciprocity. This mechanism and the WTO trade dispute settlement mechanism are not substitutes, but a kind of supplement and innovation, reflecting the development with the timesSystem innovation.
&"Now, with the deepening of globalization and informatization, and the rapid development of economy and trade, multilateral rules also need to keep pace with the times. Under the background of accelerating the reform of WTO, China and the United States have made clear the bilateral evaluation and dispute settlement mechanism through agreement, which has explored the reform of multilateral mechanism, and also has reference significance for other relevant countries to properly solve trade disputes. &Said Zhang Yansheng.
The tariff decline is in line with the expectation of the first stage of negotiation and has won the initiative for the next negotiation
The agreement pushed the U.S. side to realize the transition from raising to lowering the additional tariff on China, including suspending the original tariff to be imposed on December 15 last year, and reducing the additional tariff rate on China that came into effect on September 1 last year from 15% to 7.5%. In this regard, Shen Yi believes that the current agreement between China and the United States is the first phase, and tariff decline is also phased and in line with expectations. It is worth noting that this is the first time that some people on the US side have made tariff concessions to relevant trade parties after frequently waving tariff sticks in recent two years, which fully proves that China's negotiations have achieved significant results.
Shen Yi believes that negotiation is a process of mutual game, and also a process of pursuing the maximization of interests. At present, quite a number of goods can be hedged and digested for most enterprises after tariff concession, which has also won the initiative for the next negotiation.
&"As the door of China's opening-up grows wider and wider, governance capacity-building has accelerated its maturity and improvement. After the baptism of economic and trade friction, Chinese enterprises will be more powerful. &"Said Shen Yi.
Zhang Yansheng believes that at present, the 7.5% tariff line is an acceptable result. &"With the further development of China US economic and trade negotiations in the next stage, China is fully confident, capable and capable of safeguarding the legitimate rights and interests of Chinese enterprises and promoting the stability of China US economic and trade relations. ”
The experts interviewed generally believed that after nearly two years of arduous negotiations, China and the United States finally reached the first stage of economic and trade agreement, which embodies the principle of win-win cooperation, is conducive to China, the United States and the world, can effectively stabilize the market, stabilize expectations, meet the interests of all parties, and also conform to the overall pattern of China's expansion and opening-up. The conclusion of the agreement has pushed the Sino US economic and trade relations back on track, and provided a model for countries around the world to deal with economic and trade frictions.
Since the establishment of diplomatic relations between China and the United States, bilateral economic and trade relations have continued to develop, and cooperation in trade and investment has yielded fruitful results, achieving complementary advantages, mutual benefit and win-win results. At the same time, it should also be noted that as the world's two largest economies and trading powers, China and the United States have different stages of economic development and economic systems, and the scale of economic and trade exchanges is huge, the connotation is rich, the coverage is wide, the subjects involved are diverse, and the interests are deeply mixed. It is inevitable that some contradictions and differences arise, and it is long-term, complex and arduous to solve the economic and trade problems between China and the United States.
China has always insisted that differences and frictions need to be finally resolved through dialogue and consultation. The signing of the agreement means that the dialogue and consultation have made initial progress, but it is only part of the process of solving the problem. In this regard, we need to remain calm, continue to solve problems in a rational and constructive manner, and adhere to the way of cooperation to promote mutually beneficial and win-win agreements. Of course, while striving for a better direction, our country also has a strong ability and solid preparation, which is enough to cope with various challenges and pressures.
&"Thousands of millstones and thousands of blows are still strong. You can enjoy the East, West, North and south wind.". &"Next, China will always adhere to the established direction and pace of reform and opening up, do its own thing well, strive to achieve the stability of China's economy and create a better future for the world economy.
Source: People's daily, website of the Ministry of Commerce, China Chemical News