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Shi Yinhong gives lecture on China’s countermeasures for Sino-US trade conflict


On the evening of November 12th, RDCY Seminar Series 133 was held in Chongyang Institute for Financial Studies at Renmin University of China (RDCY). Professor Shi Yinhong, director of the Center for America Studies at the School of International Studies at Renmin University of China, was invited to deliver a speech entitled "The US Strategy to China and China's coutermeasures". The lecture was presided over by Guan Zhaoyu, associate researcher at RDCY. And on behalf of the Executive Dean Wang Wen, he welcomed the arrival of Professor Shi Yinhong.

At the beginning of the speech, Professor Shi said that from the Sino-US trade conflicts that began in early 2018, China should further realize that our fundamental understanding and strategy need to be optimized. The most urgent problem at the moment is that China needs to prioritize the ranking of its primary and secondary issues and make appropriate adjustments at the level of understanding. On some primary issues, China's response capacity and speed need to be improved; capital market access needs to be further opened up and expanded; internal and external economic interactions need to be further broadened. China's long-term measures to deepen and expand domestic reforms need to be strengthened.

In response to the Sino-US trade conflicts, Professor Shi emphasized that Trump is a cruel strategist and a shrewd tactician. His strategies and tactics are to exert unprecedented pressure and threat on China so as to extract the benefit as much as possible. In the economic and trade relations with China, even the strategic front and the political ideology, Trump has adopted this behavioral logic. Thus, Professor Shi put forward countermeasures: China needs to make adjustments in Sino-US trade in a proper manner, increase imports from the US, and appropriately expand the market access of the US capital in China. At this stage. China needs to strive for a partial truce in the trade war and a favorable environment for optimizing the economic and financial technology landscape.

Professor Shi further mentioned that in the issue of Sino-US trade conflicts, to cure both the symptoms and the root causes equally matters. For the symptoms treatment, China needs to have resolute and powerful countermeasures such as trade retaliation, and also clearly express the willingness to negotiate, that is, China is willing to negotiate with the United States on the bases of equality. At the level of solving root causes, China need to comprehensively deepen reforms through long-term restructuring and strive for substantial and further opening up.

At the end, Professor Shi Yinhong noted that in the past five or six years, China has obtained greater achievements in its foreign relations, but there is still room for improvement. In the future, China should implement a new pattern of "keeping a low profile" and "get something done", making a modest strategic contraction and trade policy adjustment in the next five or six years to seek new progress. As a world power, China should have great determination and endurance for its every move will have a great impact on the world.

Key Words: Sino-US   countermeatures   trade conflicts   RDCY  

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