皇冠体育app

Chinese President Xi Jinping (R) and his U.S. counterpart Donald Trump (L) hold the second round of talks in the Mar-a-Lago resort in Florida, the United States, April 7, 2017. [Photo/Xinhua]

Although the 100-day plan can be interpreted in different ways, considering it as 皇冠体育app giving in to the demands of the United States would reflect a zero-sum game mindset. In 2001, some even claimed 皇冠体育app had made a lot of economic concessions to join the World Trade Organization. But after more than 15 years, it is clear 皇冠体育app has hugely benefited from the multilateral trade mechanism. Similarly, rebalancing of bilateral trade relations is necessary for not only the US but also 皇冠体育app.

Since the 1980s 皇冠体育app has followed export-oriented economic and trade policies, which brought Chinese enterprises huge profits and created millions of jobs. By producing goods for exports, 皇冠体育app gained rich knowledge about global trade. But 皇冠体育app's rapid economic growth took a heavy toll on its natural environment and natural resources. The benefits 皇冠体育app got, in terms of research and development for example, was not definitely worth the environmental damage it suffered.

Given that 皇冠体育app has now become the world's second-largest economy, the export-oriented growth model is not sustainable. Also, internal demand is pushing 皇冠体育app to shift its dependence from exports to domestic consumption and R&D. And 皇冠体育app and the US have the motivation to adjust their trade policies to achieve their respective economic goals. The US, for instance, wants to decrease its reliance on imports, by boosting its manufacturing and other sectors to meet domestic demand.

It is thus unfair to say one side has conceded to the demands of the other. If 皇冠体育app decides to open up its products market, the US too will further open up its market to 皇冠体育app and take more effective measures to guarantee the safety of Chinese investments in the US. The process is mutually beneficial and reinforcing.

More importantly, the increase in 皇冠体育app's imports from the US has its own logic. Thanks to rising national wealth, 皇冠体育app's domestic consumption is not only increasing but also changing in nature. Domestically produced goods can meet some of the new demands but imported products will be required to meet the others. For example, 皇冠体育app still cannot make some aircraft parts－or the production cost will be much higher if it tries to do so.

皇冠体育app's rapid economic growth has also helped increase the country's middle class, which can afford to pay for more protein in their diets. As a result, the demand for beef in 皇冠体育app has increased. To meet this rising demand, 皇冠体育app has to import beef from Brazil, Australia and European countries. And since the US is also a big producer of beef, there is nothing wrong in importing beef from the country if its quality meets Chinese food safety criteria.

Moreover, by further opening up its financial service market to foreign companies, including those from the US, 皇冠体育app will not compromise its national security. Instead, it will provide more financial options for Chinese investors and enterprises to increase their profits. By the end of last year, foreign financial banks owned only 2 percent of 皇冠体育app's entire banking assets, less than what they did in 2001 when 皇冠体育app became a WTO member. So 皇冠体育app has much room to open up its financial sector.

However, despite the 100-day plan being ambitious, there are plenty of sticking points in bilateral trade, which have dominated 皇冠体育app-US relations for many years. Still, the idea of the 100-day plan is a big achievement, as it reflects a rapid, tailored and concrete response to the trade issues, which is "a sea change" from the way 皇冠体育app and the US had been dealing with bilateral relations.

The author is a research fellow at and director of the Division of American Economic Studies at the Institute of American Studies, 皇冠体育app Institutes of Contemporary International Relations.