NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Business / Economy

Wu Xi: There will be no winners in trade war

By Wu Xi
NZ Herald·
15 Jul, 2018 05:00 PM4 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

In the coming 15 years, China is expected to import US$24 trillion worth of goods. Photo / Martin Sykes

In the coming 15 years, China is expected to import US$24 trillion worth of goods. Photo / Martin Sykes

Opinion

COMMENT: The move by the US Administration to impose an additional 25 per cent tariff on US$34 billion worth of Chinese goods is a blatant violation of the World Trade Organisation (WTO) rules. It disrupted the normal international trading order, undermined the free trading system and multilateral trading rules, and violated the law of the market. It will cause fluctuations in the global market and hamper global economic recovery. More transnational corporations, small and medium-sized enterprises and consumers around the world will be hurt. And a lot of industries and the general public in the United States have come to realise that they will also suffer a lot from it.

This string of unilateralist as well as trade and investment protectionist measures taken by the US has aroused wide concern and condemnation worldwide and incurred countermeasures and retaliatory moves from many countries. Even countries that are not directly involved in the trade war will find themselves vulnerable in an uncertain international trading system. Ultimately there will be no winners out of a trade war.

China does not want to fight a trade war, nor will it initiate one. But when China's legitimate interests are treated unfairly, China is justified in taking necessary countermeasures to resolutely safeguard its own interests.

The US has been slamming China's economic and trade policies as the pretext for its unilateralist and protectionist practices. However, the facts suggest the opposite.

Since its accession to the WTO, China has comprehensively fulfilled its commitments to the WTO. China has substantially reduced import tariffs. By 2010, China has fulfilled all of its tariff reduction commitments, reducing the average tariff level from 15.3 per cent in 2001 to 9.8 per cent. It cut the average tariff rate of agricultural products from 23.2 per cent to 15.2 per cent, about one fourth of the global average and far lower than those imposed by the WTO's developing members (56 per cent) and developed members (39 per cent). China makes Intellectual Property Rights (IPR) protection the centrepiece for improving the property rights protection system. An IPR legal system that conforms to WTO rules and suits national conditions of China has been built.

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

This year marks the 40th anniversary of China's reform and opening up. Opening-up has been key to China's economic growth. In the same vein, high-quality development of China's economy in the future can only be achieved with greater openness. At the 2018 Boao Forum for Asia Annual Conference, President Xi Jinping reaffirmed that China will resolutely advance reform and opening up and announced a series of major measures for further opening up. In May 2018, the Chinese Authorities announced to further lower the tariff rates for 1449 import items, covering almost all aspects of daily consumption including clothing and footwear, home appliances, food and beverage, cosmetics and personal care products. In this round of reduction, the average tariff rate of the goods involved were reduced from 15.7 per cent to 6.9 per cent. In particular, the average tariff rates of cars and their spare parts were reduced to 15 per cent and 6 per cent respectively. In November 2018, China will host the first China International Import Expo (CIIE) to enable countries around the world to share the Chinese market. In the coming 15 years, China is expected to import US$24 trillion worth of goods.

New Zealand has been a member of WTO since it was created. Now that surging tides of protectionism and unilateralism have posed severe challenges to the multilateral trading system with the WTO at its core, it is all the more necessary for China and New Zealand to work together and give firm support to the WTO in building a global economic governance system based on equality, equity and win-win co-operation.

• Madam Wu Xi is the Chinese Ambassador to New Zealand.

Discover more

Opinion

Liam Dann: Trade war shock just what NZ didn't need

14 Jul 05:00 PM
Business

Dollar falls against greenback

12 Jul 05:08 AM
Business

The map that has infuriated Trump

12 Jul 08:44 PM
Business

Exporters keeping an eye on looming Trade War

15 Jul 06:10 PM
Save

    Share this article

Latest from Economy

Premium
Stock takes

Stock Takes: In play - more firms eyed for takeover as economy remains sluggish

19 Jun 09:00 PM
World

Trump's policies are reshaping global financial dynamics

19 Jun 07:44 PM
Premium
Opinion

Matthew Hooton: Unlucky Luxon’s popularity hits new low

19 Jun 05:00 PM

Jono and Ben brew up a tea-fuelled adventure in Sri Lanka

sponsored
Advertisement
Advertise with NZME.

Latest from Economy

Premium
Stock Takes: In play - more firms eyed for takeover as economy remains sluggish

Stock Takes: In play - more firms eyed for takeover as economy remains sluggish

19 Jun 09:00 PM

BGH's tilt at Tourism Holdings has sparked more merger and acquisition speculation.

Trump's policies are reshaping global financial dynamics

Trump's policies are reshaping global financial dynamics

19 Jun 07:44 PM
Premium
Matthew Hooton: Unlucky Luxon’s popularity hits new low

Matthew Hooton: Unlucky Luxon’s popularity hits new low

19 Jun 05:00 PM
Stronger-than-expected GDP signals no rate cut in July

Stronger-than-expected GDP signals no rate cut in July

19 Jun 02:01 AM
Help for those helping hardest-hit
sponsored

Help for those helping hardest-hit

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP