Ambassador praises moves away from trade war

Chinese Ambassador to the UK Liu Xiaoming has hailed the retreat from a potential trade war between China and the United States, saying the move is conducive to the economies of the countries, as well as to global trade and economic stability and development.

Chinese Ambassador to the UK Liu Xiaoming is addressing the Asia House think tank in London on May 21st, 2018. [Photo provided by the Chinese embassy to the UK]

Liu addressed more than 160 representatives from the business, political and academic sectors at the London-based think tank Asia House on Monday.

"For China, this outcome is in the interest of achieving high quality economic development, and meeting the growing consumption needs of the Chinese people. For the US, this outcome will cut the trade deficit, support growth and employment," he said.

His remarks came after two days of "positive, pragmatic, constructive and fruitful" talks in Washington between the Chinese and US government representatives, led by Chinese Vice Premier Liu He, and US Treasury Secretary Steven Mnuchin.

Liu said that while the dangers of a trade war have abated for now, the events of the past few months deserve deeper reflection. He gave China's trading partners several suggestions for the development of win-win trade relations, for future consideration.

Firstly, Liu said it is important to stop being suspicious about China and see the country's development in an objective way.

Secondly, he noted the importance to deepen cooperation with win-win results in mind.

He also stressed the importance of following international rules rather than domestic laws in international trade, and urged the international community to recognize China's real progress in intellectual property protection over the years.

As the leading pan-Asian organisation in the UK, Asia House drives economic and political engagement between Europe and Asia by bringing together senior decision-makers, business leaders and opinion formers to engage in high-level discussions that direct business and policy strategies.