Chinese vice premier upbeat about China-U.S. economic cooperation

Chinese Vice Premier Wang Yang said on Tuesday that thanks to China's long-term economic development trend and market potential economic, the cooperation between China and the United States holds out a promising future.

"Cooperation is the only right choice for our two countries. The giant ship of China-U.S. economic and trade relations is sailing on the right course," Wang said at a China-U.S. business luncheon ahead of the first China-U.S. Comprehensive Economic Dialogue, which is slated for Wednesday.

China has been pushing forward economic restructuring and adhering to reform and opening-up in its economic development, and these efforts have yielded tremendous progress over the past decades, said Wang.

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The contribution of China's consumption to economic growth jumped to 77 percent in the first quarter of this year, up from 47 percent in 2013, he noted.

He added that China's current account surplus relative to the GDP dropped from the peak of about 10 percent in 2007 to 0.7 percent in the first quarter of this year, and that China has also been allowing broader market access and greater opening of the service sectors.

The long-term certainty of China's development and progress offers the most important external environment for foreign businesses in China, said the vice premier.

As China is upgrading its economy, Wang said, there is far greater complementarity than competition between the world's two largest economies. "The two countries have seen the space for cooperation expanded rather than narrowed," he said.

China's growing middle class and vast consumer market hold out great potential for American companies, said Wang, noting that in 2016 American exports to China via e-commerce surged by more than 100 percent.

In order to address trade imbalances, the Chinese vice premier called on the United States to relax its outdated regulations on export control, stressing that as the Chinese economy climbs higher on the value chain, there is huge market potential for U.S. exports of advanced technologies.

Taking integrated circuits (IC) as an example, he said that in 2016 China imported 227 billion U.S. dollars of IC products, more than the imports of crude oil, iron ore and primary plastics combined, but only 4 percent came from the United States.

According to forecasts by the U.S.-China Business Council, exports of goods and services from the U.S. to China will double to 369 billion dollars in the next decade and rise to 520 billion dollars by 2050.

In his speech, Wang stressed the importance of cooperation between the Chinese and U.S. business communities.

"Your long-standing support and active participation have helped to create an atmosphere in favor of cooperation rather than confrontation for China-U.S. business ties, and have contributed to the China-U.S. economic relationship as it stands today," Wang told the audience.

"Although there may still be twists and turns in our cooperation going forward, as long as you have confidence, the overall direction of China-U.S. business cooperation will not change," said Wang.

This is one of the four major dialogue mechanisms established by the two sides in April. Wang is scheduled to co-chair the first China-U.S. Comprehensive Economic Dialogue together with U.S. Treasury Secretary Steven Mnuchin and Secretary of Commerce Wilbur Ross.

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War Is Unavoildable? According to Trump's Wiseman - Steve Bannon

Trump’s right-hand man Steve Bannon predicted a “massive new war” is right on the way. As one of Trump’s chief strategist, his theory may do influence Trump’s policy and America’s future, even world’s trends.

He believes in a theory about America’s future laid out in a book called "The Fourth Turning: What Cycles of History Tell Us About America's Next Rendezvous with Destiny."

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According to the book, authors theorize that the history of a people moves in 80-to-100 year cycles called “saecula”. The idea goes back to the ancient Greeks, who believed that a given saeculum's end, there would come "ekpyrosis," a cataclysmic event that destroys the old order and brings in a new one in a trial of fire.

    

This era of change is called the Fourth Turning, and Bannon believes we are in the midst of one right now.

New world order is going to rise, and there must be a massive reckoning. That we will soon reach our climax conflict. He also believes in authoritarian politics as preparation for a massive conflict between East and West, whether East means the Middle East or China.

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What we are seeing, with Trump’s travel ban and his threats against Mexico and China, is creation of enemies. Maybe “The Fourth Turning” will come true. But what should we common people do?

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Trump Has Shown All His Secret Weapons to Win China-US Trade War

The U.S. 45^th president Donald Trump once declared he’s no friend of Asia. But what dramatically is that he actually helps China to lead globally.

The fact is most of Asia’s economies are heavily reliant on foreign trade, thus a tiny talk change means big in real life. China is US’s biggest country to import goods. That’s why what Trump do and act surely matters its GDP growing.

But Trump fired shot several times to China on Twitter, not that friendly. But here we say China may actually benefit from this new era. We have summed up some ways to come.

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1. China grows up as a bigger existence

In some degrees, the U.S. has often been leading the voice on the international business stage safely speaking in the 20^th. The U.S. fully used its dominant geopolitical and military position to advance ends that are legitimized by the international community.

But so far indications suggest the U.S. under Donald Trump won’t influence that same world order again.

Trump’s trash talking has stirred criticism around the world on his personal Twitter. For example, this year’s annual World Economic Forum meeting in Davos has shown exactly how China is filling the void left by Trump to take on a developing role on the stage of global politics.

    

China’s chairman Xi Jinping defended on air against Trump’s inflammatory threats to abandon the Paris accord on climate change by saying “a hard-won agreement” that “all signatories should stick to”.

What is behind it? If the U.S. relinquishes its moral authority as a leader, China can be a prime candidate to take it over. China has its size and strength to turn up its voice to sound reasonable, gradually. Plus, it also has been with credibility.

2. China benefits more from globalization

Donald Trump has repeated “Make America great again” to show his well to strengthen “Fortress America”. To keep the U.S. job-sufficient and factory-busy. He has promised a sharp shift away from globalization via a wall with Mexico, which makes it more difficult for Muslims to enter US’s barrier, starting a trade war with China, and many other means.

This in return opens a door for China to become both the champion and key beneficiary of globalization.

Earlier this week during the WEF, China’s chairman Xi Jinping offered a “vigorous defense of free trade… in a speech that underscored Beijing’s desire to play a greater global role as the United States turns inward,” according to Reuters. Late last year he promised that “China will not shut the door to the outside world but will open it even wider.”

3. China’s strategic dominance was allowed

In Asia, the inward shift of Trump’s America will have implications beyond trading. It also implies China’s efforts to deepen its political and economic influence globally can be made much easier.

So, trading with China can be really different under a government leading with Trump. He talked what he can talk, but action and effect? We are so eager to see it.

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