China reminds U.S. of rules rather than power in global trade

A Chinese Foreign Ministry spokesperson said on Monday that the United States should know that in the 21st century, global trade requires rules rather than power.

Foreign Ministry spokesperson Hua Chunying made the remarks at a daily press briefing, when commenting on U.S. Vice President Mike Pence's remarks that recent U.S. trade moves meant the "era of economic surrender is over."

Foreign Ministry spokesperson Hua Chunying holds a daily press briefing in Beijing, March 26, 2018. [Photo: fmprc.gov.cn]

Instead of saying the "era of economic surrender is over," it is better for the U.S. side to say that the U.S. economic intimidation and hegemony should be eliminated, Hua said.

She said that China has always complied with WTO rules and maintained a multilateral trading system with the WTO as its core and rules as the basis. It has always advocated that in a spirit of mutual respect, equality and mutual benefit, disputes including economic and trade friction should be settled through consultation.

Hua said that both China and the United States had been negotiating on economic and trade issues. And China has the confidence and ability to safeguard its legitimate interests under any circumstances.

"China hopes that the United States will make rational and cautious decisions and choices," she said.

U.S. President Donald Trump on Thursday signed a memorandum that could impose tariffs on up to 60 billion U.S. dollars of imports from China and restrictions on Chinese investment in the United States.

"China is willing to have consultations with the U.S. side guided by the principle of mutual respect and benefit," Hua said, noting that the the door to dialogue and consultation between the two sides has always been open.

China's Vice Foreign Minister Zheng Zeguang said on Monday that the economic and trade relations between China and the United States were essentially mutually beneficial and brought a lot of tangible benefits to the two peoples.

"We don't want to have a trade war, but we are never afraid of it," Zheng said, noting that China was fully determined and prepared to deal with such a situation to safeguard the national interest.

Zheng expressed his hope that the U.S. side would calm down and find a solution.