Expert: US vicious approach on trade could cost itself opportunities

Added On June 16, 2019

A senior Chinese economist has said that the vicious approach by Washington on its trade issues with China could make the world's largest economy lose opportunities emerging from China's further opening up.
Xu Hongcai, deputy director of Economic Policy Commission with China Association of Policy Science, said China and the United States have great potential of cooperation in trade, investment and financial services, especially in trade given their industrial complementarity
Xu said China is further opening up while the United States faces strong competition in service trade, adding that if the United States can't seize the opportunity, it would lose it.
He said with regards to trade in goods, the United States threatened to block its export of high-tech products to China. Should Washington carry out the threat, it would end up losing the Chinese market share and development dividends to Germany, Japan and other developed economies.
Xu said the current U.S. approach on trade characterized by unilateralism and beggar-thy-neighbor policies is vicious and not conductive to fostering sound atmosphere for cooperation.
He warned it would be very dangerous if ongoing U.S.-China trade tensions go unchecked.