-
Advertorial
-
FOCUS
-
Guide
-
Lifestyle
-
Tech and Vogue
-
TechandScience
-
CHTF Special
-
Nanshan
-
Futian Today
-
Hit Bravo
-
Special Report
-
Junior Journalist Program
-
World Economy
-
Opinion
-
Diversions
-
Hotels
-
Movies
-
People
-
Person of the week
-
Weekend
-
Photo Highlights
-
Currency Focus
-
Kaleidoscope
-
Tech and Science
-
News Picks
-
Yes Teens
-
Budding Writers
-
Fun
-
Campus
-
Glamour
-
News
-
Digital Paper
-
Food drink
-
Majors_Forum
-
Speak Shenzhen
-
Shopping
-
Business_Markets
-
Restaurants
-
Travel
-
Investment
-
Hotels
-
Yearend Review
-
World
-
Sports
-
Entertainment
-
QINGDAO TODAY
-
In depth
-
Leisure Highlights
-
Markets
-
Business
-
Culture
-
China
-
Shenzhen
-
Important news
在线翻译:
szdaily -> Opinion -> 
Stability key in intl. competition
    2018-07-16  08:53    Shenzhen Daily

Winton Dong

dht0620@126.com

THE United States is opening fire on the whole world. Trade wars initiated by the superpower against the European Union, China, Canada and other countries are making the already weak world economic landscape more volatile.

Donald Trump is surely not the first U.S. president to slap protective tariffs on imports. However, unlike his predecessors, Mr. Trump is a long-standing skeptic of free trade. Last Tuesday, the Office of the U.S. Trade Representative announced plans to impose 10-percent tariffs on an extra US$200 billion worth of Chinese imports in a way that escalates tensions. Trump’s stubborn stance means that trade frictions will become a “new normal” in Sino-American trade relations. In order to raise high the banner of free trade and keep its competitive edges in the multilateral system, it is especially important for China to maintain political, economic, social and psychological stability in a complicated and ever-changing international situation.

Political stability is of top priority for China. As a big country with more than 1.3 billion people, managing our internal affairs well is China’s greatest contribution to the world. The Party has made remarkable achievements during the past decades to transform China from a war-torn and poor country to a peaceful and prosperous socialist country. Despite that the challenge triggered by the current U.S.-initiated trade friction is coming on strong, we are confident that under the leadership of the CPC, China has the capability and wisdom to tide over any difficulties facing the country.

While handling trade frictions with the capricious U.S. administration, China must keep internal political stability for sure and put every important work in order at the same time. China must continue to reform and further open the country to the outside world. Our two centenary plans should be carried out according to their original timetables. The plans refer to the building of a moderately prosperous society in all aspects by 2021 (when the CPC celebrates its 100th anniversary) and building China into a modern socialist country that is prosperous, strong, democratic, culturally advanced and harmonious by 2049 (when the PRC celebrates the centenary of its foundation), so as to realize the Chinese dream of the rejuvenation of the Chinese nation. Other important tasks set by the CPC and the Chinese Central Government should also be timely and tightly implemented.

In terms of economic stability, the Chinese economy has shown its resilience in coping with international trade challenges during the past years. Thanks to the steady growth of social financing and strengthened profitability of listed companies in the first half of this year, China’s financial system is stable, with systematic risk under control now. Relatively solid economic foundation determines that it is unlikely the Chinese yuan will depreciate substantially. Facts have proved that some international speculators’ recent short sales of yuan to seek profits failed due to their misinterpretation of the situation. Moreover, to give strong impetus to the development of real economy rather than directing liquidity to the housing market, Chinese financial regulators should put more focus on structural deleveraging in the future. The country’s inflationary pressure will also be eased if the real estate sector continues to cool down.

No jobs means no wealth creation and less social stability. Maintaining steady employment is the foremost livelihood issue in China. According to an announcement published by the Ministry of Commerce on July 9, China will use money collected from tariffs charged on imported products from the United States to reduce the impact of U.S. trade moves on affected Chinese companies and their employees.

Meanwhile, considering the international challenges and uncertainties China is now facing, employment must stay high on the government’s agenda to see steady growth of new jobs. Priorities will be given to the employment of college graduates, veterans, laid-off workers and migrant workers. More measures should be taken to support flexible employments and new job forms in industries and the service sector so as to help those emerging market entities survive and thrive.

Last but not least, keeping psychological stability and calmness is very important in international competition. When you lose your temper first, you have already lost the game. A trade war will do good to no countries. Trade frictions between two of the largest economies in the world will not only harm the two countries, but also shake the global economy.

China keeps the promise that it will not “fire the first shot.” Based on such a principle, the country has tried its best to avoid confrontation by engaging in sincere dialogues with the U.S. in the past months. However, since the U.S. has already gone ahead with tariff hikes, China is forced to fight back to defend the legal interests of the nation and the interests of the Chinese people. China’s tertiary industry is still much weaker than that of the U.S., but our first and second industries are stronger. According to statistics, China has been the world’s biggest country in terms of merchandise imports and exports since 2013. China is now the largest trading partner of more than 130 countries, while the number is only 60 for the U.S. This will give China more options and flexibilities in finding alternative markets during trade frictions.

(The author is the editor-in-chief of the Shenzhen Daily with a Ph.D. from the Journalism and Communication School of Wuhan University.)

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn