‘Time is on Beijing’s side’: China, not Trump, will triumph in trade war, former top Chinese officials say
The real stakes are much higher than trade practices and China must gain control over core technology, economist says
China will eventually win the trade war against the United States, two senior Chinese government researchers said on Tuesday, reflecting popular thinking in Beijing that China does not need to bow to pressure from US President Donald Trump.
While the US position in the trade war may look stronger than China’s now – the US can put tariffs on up to US$500 billion more in Chinese imports while China’s total imports from the US are a mere US$150 billion – China will be victorious in the end, according to two researchers at the China Centre for International Economic Exchanges, a think tank affiliated with the Chinese government.
Wei Jianguo, a former Chinese vice-minister of commerce and now a researcher at the think tank, said China’s annual sales to Africa could exceed US$500 billion within five years, making that continent a bigger market for Chinese exporters than the US, though the Chinese products sold to Africa may not be the same as those sold to America.
“The US can’t match China’s power” because China’s economy was resilient and controlled a complete industrial production system, Wei told a public forum in Beijing. “We have to make long-term preparations, but the US can’t hold on for long,” he said.
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In particular, the trade war would not reduce China’s role in the world’s manufacturing value chain, Wei said, citing Chinese government figures showing continued growth in foreign direct investment into China.