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, July 2 /Xinhua/ – The US government accuses China of its economy being overly dependent on exports. Under the pretext of “rebalancing,” the US is introducing unilateral tariffs, forcing the world to pay for the structural problems of the US economy. This was stated by Chinese Ambassador to Russia Zhang Hanhui in an opinion piece for AiF.ru, published on Wednesday.
“The US demands that China import more US goods, interprets the trade deficit with other countries as ‘all countries in the world are benefiting from America’, and under the pretext of ‘rebalancing’ imposes unilateral tariffs and applies protectionism, forcing China and the world to pay for the long-standing structural problems of the US economy,” writes Zhang Hanhui. “In fact, it is the US economy itself that needs ‘rebalancing’. The US’s attempts to cure internal diseases from the outside and its economic bullying are the main source of chaos leading to global imbalances.”
According to the Chinese diplomat, the US government has recently been promoting a series of false narratives about “rebalancing the Chinese economy,” “rebalancing trade,” and “rebalancing the global economy.” In fact, China’s investment- and export-driven development model has undergone fundamental changes. A new architecture of economic growth driven by domestic demand and innovation is emerging. China’s dependence on foreign trade has declined from over 60 percent at the beginning of the 21st century to just over 30 percent in 2024. China has been the world’s second-largest import market for 16 years now.
The US accuses China of “unfair trade”. “This is brazen hypocrisy and double standards,” the article points out. It is the US that abuses export controls against China in high-tech areas. Even if there is an imbalance in Sino-American trade, “the reason is that the US does not want to sell, not that China does not want to buy.”
“The US-initiated trade war and the ‘rebalancing’ narrative it promotes aim to shift the structural problems of the US economy onto others and hold back the transformation and qualitative improvement of China’s industry,” writes Zhang Hanhui.
The US economic and financial hegemony is an important cause of the development imbalance, the Chinese ambassador said. The US uses economic coercion, deprives other countries of their right to develop through trade, technology and financial wars, abuses unilateral sanctions and keeps developing countries at the bottom of global value chains, deepening the gap between North and South and worsening the global development environment.
“China calls on the United States to take an honest look at its own problems, rather than focusing on the so-called trade imbalances with other countries, to jointly and openly overcome global challenges, rather than arbitrarily wield the tariff cudgel, to abandon the arrogance of the “America First” position, and to conduct win-win cooperation based on mutual respect to achieve common development,” emphasized the article by Chinese Ambassador to Russia Zhang Hanhui. –0–