Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
Moscow, May 13 /Xinhua/ — The U.S. administration’s short-sighted “America First” policy will not only fail to achieve its stated goal of “making America great again,” but will also lead the country into stagflation and accelerate its decline, Chinese Ambassador to Russia Zhang Hanhui said in an opinion piece published in the Russian newspaper Argumenty i Fakty on Tuesday.
“The US economy has been exposed to stagflation risks for a long time, which has caused serious concern both domestically and in the international community,” the publication says.
As Zhang Hanhui noted, stagflation in the United States is accompanied by high inflation, a deteriorating labor market, a decline in consumer activity, and a reduction in investment. The article emphasizes that the tariff war will further worsen the country’s economic downturn.
A Chinese diplomat likens trade protectionism to a boomerang: the more aggressively it is used, the more negative consequences are felt. “Ultimately, the U.S. tariff policy will cause the greatest damage to the American economy itself,” he points out, adding that abrupt and ill-considered changes in government policy have seriously undermined economic expectations in the country.
All this, according to the author of the article, causes concern and disorientation regarding the prospects of the American economy.
Zhang Hanhui is confident that the “America First” policy will lead the United States to isolation. “Basically, tariffs are used as a tool to test the loyalty of other countries, acting through a system of threats and punishments. However, as practice shows, in the modern world, pressure and coercion do not bring the desired results. Instead, such actions only push other countries to unite in opposition to American hegemony,” the ambassador explains.
At the same time, he assured that China is determined to withstand the tariff war with the United States to the bitter end. According to him, despite the eight-year-long Sino-American trade war, the scale of China’s foreign trade continues to grow, having increased from 30 trillion to 43 trillion yuan. In addition, the number of China’s foreign trade partners is also increasing. Zhang Hanhui cites data according to which in 2024, China’s trade volume with countries participating in the Belt and Road initiative increased by 6.4 percent, and the share of new markets, including ASEAN countries, in China’s foreign trade amounted to almost 60 percent. Meanwhile, the share of China’s exports to the United States decreased from about 19.2 percent in 2018 to 14.7 percent in 2024.
As Zhang Hanhui emphasizes, no matter how unpredictable and reckless the US acts, China will continue to confidently follow its own path, consistently promoting the policy of opening up and supporting the construction of an open world economy.
“History has repeatedly proven that trade protectionism does not contribute to the improvement of one’s own economy, but on the contrary, seriously undermines the world trading system, provokes global economic crises and ultimately harms both others and oneself. Ignoring the lessons of history inevitably leads to negative consequences,” the article says.
The Ambassador confirmed China’s readiness to strengthen solidarity and mutually beneficial cooperation with Russia and with all countries that adhere to the principles of honesty and fairness.
“We will jointly implement multilateralism, promote the improvement of the global governance system, and build a community with a shared future for mankind, so as to make greater contributions to improving the well-being of the peoples of China and Russia, as well as safeguarding world peace and development,” Zhang Hanhui concluded. –0–