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
Wu Xi: There will be no winners in trade war
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In the coming 15 years, China is expected to import US$24 trillion worth of goods. Photo / Martin Sykes
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.