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Wu stresses opening up, avoiding trade protectionism
BEIJING—Chinese Vice Premier
Wu Yi praised U.S. domestic efforts in blocking protectionist
legislation against China during the opening ceremony of the 18th Sino-U.S.
Joint Commission on Commerce and Trade (JCCT) here on Tuesday.
She assured the American officials in attendance that China’s door would
stay wide open to the outside world. During her speech, Wu extended her
appreciation on behalf of China to U.S. Treasury Secretary Henry
Paulson, U.S. Commerce Secretary Carlos Gutierrez and U.S. Trade
Representative Susan Schwab, who all had jointly signed an objection
letter to U.S. Congress leaders.
She also thanked the 1,028 American economists who had made a joint
public statement voicing their opposition and to the executives of 105
American companies who wrote a letter to the U.S. Congress leaders.
“Some unharmonious notes have been heard in the Sino-U.S. trade ties
this year, marked by a sharp rise in the number of congressional
legislation against China, evident politicization of economic and trade
issues, strengthened control on exports to China and the purpose
exaggeration of China’s food and product safety,” Wu said.
These had seriously damaged the reputation of China-made products and
the image of China, she said. Wu urged both sides to be far-sighted,
think strategically and facilitate consultation and collaboration.
“Imposing restrictions on normal trade or resorting to protective
measures will be only detrimental to the interests of both sides and
helpless in resolving problems.”
U.S. Commerce Secretary Carlos Gutierrez described the JCCT as an
“important institution” in Sino-U.S. ties, adding that the one-day
meeting and the upcoming Strategic Economic Dialogue (SED) could give
the world confidence that the United States and China were “both
committed to openness”. “Our number one desired approach is dialogue. I
believe that we have made it work. The best way to address our deficit
is not by reducing imports. Protectionism is something we must avoid
together,” he said.
U.S. Trade Representative Susan Schwab echoed those sentiments by
regarding dialogue as “the most effective” way to solving problems and
to boosting the US-China relationship.
Chinese data showed that bilateral trade volume had rocketed from less
than 2.5 billion U.S. dollars when China and the United States
established diplomatic relations in the late 1970s to 262.68 billion
dollars in 2006.
Wu had foreseen China to be the third largest importer to the United
States this year only after Canada and Mexico. China has been the
fastest-growing export market for the country for five straight years
and in the first nine months, Chinese imports to America had exceeded 57
billion dollar.
“We have seen expanding common interests shared by China and the United
States,” Wu said. “The communication and cooperation between the two
countries in trade, investment and finance have reached unprecedented
levels.”
One instance was the surging mutual investment. She said that the United
States had invested nearly 55.4 billion dollars and set up 54,000
companies in China as of October. Similarly, China’s investment in the
United States approached nearly 3 billion dollars.
Wu brushed aside worries that China would narrow down the range of its
opening-up policies, saying the country would not change its stance in
expanding the use of foreign capital. “China’s door has been and will be
resolutely opened to the outside world,” she said.
Facing a more complex international financial environment and the
long-accumulated deep-rooted problems in the national economy, China
must remain sober-minded and seek a healthy and balanced development
through deepened reforms and in opening itself wider to the world.
The JCCT, formed in 1983, has served as a bilateral venue for China and
the United States to address trade and market access issues. The two
countries will soon begin the 3rd China-U.S. Strategic Economic Dialogue
and the 5th Strategic Dialogue on Wednesday.—Xinhua |
