Trade war is harming American economy more than China’s, claims official sent to US to defend Beijing’s position
- US tariffs not the main cause of China’s slowing growth, Bi Jiyao, vice-president of the Chinese Academy of Macroeconomic Research, says
- US President Donald Trump wrong to think China’s weakening economy will force Beijing to make concessions, he says
The United States has sustained more economic losses than China related to the year-long trade war, a Chinese government official sent to the US to defend Beijing’s position in the stand-off and seek input from foreign policy specialists said on Wednesday.
China’s slower economic growth was due more to government efforts to cut manufacturing overcapacity and rebalance towards a service economy and less about the trade war, Bi Jiyao, vice-president of the Chinese Academy of Macroeconomic Research, told a group of former US diplomats and other China watchers in New York.
The trade war had caused American exporters to lose market share in China, he said, so US President Donald Trump was wrong to think China’s slower economic growth would force Beijing to make concessions.
After trying to whittle down excessive manufacturing capacity, “the economy is shifting from high-speed growth to a high-quality environment”, Bi said.
“The US has lost market share in China. Now you rank as the No 3 trading partner with China, overtaken by the Asean region.”
Bi was referring to the Association of Southeast Asian Nations, comprising the Philippines, Indonesia, Malaysia, Singapore, Brunei, Thailand, Vietnam, Cambodia, Laos and Myanmar.