BEIJING – China and the United States can resolve differences in economic and trade areas through equal-footed dialogue and mutually beneficial cooperation, according to a white paper released by China's State Council Information Office on Wednesday.

Equal-footed dialogue should constitute the fundamental approach in addressing problems between major countries, said the white paper titled "China's Position on Some Issues Concerning China-US Economic and Trade Relations."

Mutually beneficial cooperation can help the two countries realize their respective development goals, it said.

The world anticipates China-US cooperation to generate more development opportunities, the document added.

FULL TEXT: China's Position on Some Issues Concerning China-US Economic and Trade Relations

The Chinese government issued the document to clarify the facts about economic and trade relations between the two countries, 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 US have significantly impeded normal economic and trade cooperation between the two countries.

Since the beginning of trade friction in 2018, the US side has imposed tariffs on Chinese exports worth more than $500 billion, and has continuously implemented policies aimed at containing and suppressing China. Washington recently 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 US conduct – run counter to the principles of the market economy and multilateralism, and will have serious repercussions for China-US economic and trade relations, the white paper said.

In response to the US 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 US side to stabilize bilateral economic and trade relations, according to the document.

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As two major countries at different stages of development with distinct economic systems, it is natural for China and the US 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 document.

Mutually beneficial trade ties

China-US economic and trade relations are mutually beneficial and win-win in nature, and cooperation benefits both sides while confrontation harms both, said a white paper released by China's State Council Information Office on Wednesday.

Maintaining the stable development of China-US economic and trade relations is in the fundamental interest of both nations and peoples, which is also conducive to global economic development, according to the white paper.

Noting that China and the US are important partners of trade in goods, the white paper said the bilateral trade is highly complementary as the two countries play to their comparative strengths.

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

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The white paper noted that trade in services between China and the US 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 US 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.

‘Reciprocal tariffs’ to damage interests

Warning that the US "reciprocal tariffs" will damage its own and others' interests, the white paper said the imposition of the 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.

The US 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 US a victim of its own misdeeds, it said.

The tariffs will increase inflationary pressure in the US, weaken its industrial base, aggravate panic in the financial market and increase the risk of US economic recession, it added.

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

"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.