Published: 11:35, March 11, 2025 | Updated: 14:42, March 11, 2025
China refutes US Treasury chief's economic 'rip-off' claims
By Xinhua
In this undated file photo, Chinese and US flags flutter outside the building of an American company in Beijing. (PHOTO / CHINA DAILY)

BEIJING - To call the China-US economic ties a "rip-off" and pursue absolute reciprocity in trade goes against the most basic economic common sense, the Chinese foreign ministry said on Monday, urging the United States to end its trade war.

Ministry spokesperson Mao Ning made the remarks in response to a question about US Treasury Secretary Scott Bessent's repeated claims that China's economy is overly reliant on exports and that the US side seeks fair and reciprocal trade relations.

Addressing a daily press briefing, Mao said that the China-US trade, as it is now, is the result of market forces with multiple factors at play, including the two countries' economic structures and trade policies as well as the position of the US dollar.

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China never seeks a trade surplus, and in reality, the United States has benefited significantly from trade with China, she added.

"If you look at the breakdown of statistics, the exports of China-based US companies are also counted as China's trade surplus. The high-quality products at reduced cost exported by China to the United States have essentially raised the purchasing power of US consumers, and created a huge amount of jobs in the United States, particularly in sectors such as transport, wholesale, retail and e-commerce," Mao said, adding that the United States continues to run a huge surplus in trade in services.

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She noted that China-US trade and economic ties benefit both sides. "If one had been ripping the other off, there is no way the ties would have come this far as we see today."

The spokesperson stressed that labeling the economic ties a "rip-off" and demanding absolute reciprocity defies basic economic logic, and those who do so are underestimating the judgment of US companies and consumers.

"It's been years and years since the United States initiated the trade war against the rest of the world, yet it has not stopped US trade deficit from going up and reaching 918.4 billion US dollars last year," Mao said, noting that whether it's a tariff war or a trade war, they invariably start by hurting others before coming back to hurt the one who launched it.

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It's time for the United States to learn its lesson and end this wrong practice, the spokesperson added.