The participants in the US-China CEO Dialogue, held on the afternoon of April 10 during the Annual Conference 2018 of the Boao Forum for Asia in Hainan Province, encouraged steps to be taken to reduce trade tensions between the United States and China. Participants warned that growing trade tensions could be harmful to both economies and the world economy if the two sides are not able to have productive talks. The Dialogue was co-chaired by Mr. Chen Deming, former Minister of Commerce, China, and Mr. Myron Brilliant, Executive Vice President, US Chamber of Commerce. Over 20 CEOs from both the United States and China including Mr. Carlos Gutierrez, former Commerce Secretary of the US, and several renowned economists including Nicholas Lardy and David Li Daokui, participated in the conversation.
The Dialogue stressed the importance and mutual beneficial nature of the US-China commercial relationship. The two countries have a mutually interdependent relationship and both governments should recognize importance of ensuring that their two markets remain open to trade and investment. The dialogue participants urged the two governments to take immediate steps to ensure a more prosperous and stable economic relationship going forward. Business leaders in both countries have noted that the imposition of tariffs or other trade barriers would undermine each other’s economic growth, impact the world economy and have consequences for the well-being of the people of both countries. Both the United States and China have identified challenges in their economic relations that require redress. Such concerns are at least in part a natural outcome of any mature trading relationship. Dialogue participants noted it was vital for the two governments to exercise reason, restraint and prudence in managing conflicts in the commercial and trade areas to allow constructive dialogue to address underlying concerns.
The Dialogue participants noted that the relationship was too fundamental to global economic health for the two countries to engage in Zero-Sum Game. The participants expressed hope that the two sides could achieve progress to avert the potential of destabilizing commercial and economic relations. In sum, we urged the two governments to make joint efforts to find a cooperative approach and avert increased escalation of tensions.
Source: Boao Forum for Asia