China's State Council Information Office on Wednesday released a white paper titled "China's Position on Some Issues Concerning China-U.S. Economic and Trade Relations."

The Chinese government issued the document to clarify the facts about China-U.S. economic and trade relations, and elaborate the position of the Chinese side on relevant issues, according to the white paper.

The white paper came as rising unilateralism and protectionism in the United States have significantly impeded normal economic and trade cooperation between the two countries.

Since the beginning of trade friction in 2018, the U.S. side has imposed tariffs on Chinese exports worth more than 500 billion U.S. dollars, and has continuously implemented policies aimed at containing and suppressing China. Recently, the United States levied comprehensive additional tariffs on Chinese products, including tariffs citing the fentanyl issue as the pretext, "reciprocal tariffs," and an additional 50 percent on existing tariffs.

These measures -- revealing the isolationist and coercive nature of U.S. conduct -- run counter to the principles of the market economy and multilateralism, and will have serious repercussions for China-U.S. economic and trade relations, the white paper said.

In response to the U.S. moves, China has taken forceful countermeasures to defend its national interests, and has remained committed to resolving disputes through dialogue and consultation, with multiple rounds of consultations with the U.S. side to stabilize bilateral economic and trade relations, according to the document.

WIN-WIN IN NATURE

China-U.S. economic and trade relations are mutually beneficial and win-win in nature, and cooperation benefits both sides while confrontation harms both, the white paper said.

Maintaining the stable development of China-U.S. economic and trade relations is in the fundamental interest of both nations and peoples, which is also conducive to global economic development, it said.

China never deliberately pursues a trade surplus, and the trade balance in goods between China and the United States is both an inevitable result of the structural issues in the U.S. economy and a consequence of the comparative advantages and international division of labor between the two countries, the white paper said.

The white paper noted that trade in services between China and the United States has maintained rapid growth, while the two countries are important two-way investment partners.

As the two largest economies in the world, the economic and trade cooperation between China and the United States has generated substantial benefits for both sides, with enterprises and consumers in both countries reaping tangible benefits through bilateral trade and investment, according to the white paper.

DAMAGES TO ALL

The "reciprocal tariffs" imposed by the United States will damage its own and others' interests, the white paper said.

The imposition of "reciprocal tariffs" is a severe violation of World Trade Organization rules that damages the multilateral trading system and erodes the legitimate rights and interests of the parties affected, it said.

The U.S. government has erected high trade barriers in the name of goals such as "industrial protection" and "national security." The move will not help solve domestic economic problems, but will ultimately backfire and make the United States a victim of its own misdeeds, the white paper said.

The tariffs will increase inflationary pressure in the United States, weaken its industrial base, aggravate panic in the financial market and increase the risk of U.S. economic recession, the white paper said.

"History has repeatedly taught the lesson that trade protectionism will not help strengthen a country's domestic economy," the white paper said.

"Instead, it will do severe damage to world trade and investment, which could trigger a global economic and financial crisis, with the inevitable consequences for oneself and others," it added.

DIALOGUE AND CONSULTATION

As two major countries at different stages of development with distinct economic systems, it is natural for China and the United States to have differences and frictions in their economic and trade cooperation. It is crucial to respect each other's core interests and major concerns, and find proper solutions to resolve the issues through dialogue and consultation, according to the white paper.

China and the United States can resolve differences in economic and trade areas through equal-footed dialogue and mutually beneficial cooperation, it said.

Equal-footed dialogue should constitute the fundamental approach in addressing problems between major countries, and mutually beneficial cooperation can help China and the United States realize their respective development goals, the white paper said.

The world anticipates China-U.S. cooperation to generate more development opportunities, the white paper noted. 

Full text: China's Position on Some Issues Concerning China-US Economic and Trade Relations