Agreement not an end to frictions
Editor's note: On Saturday, President Xi Jinping and US President Donald Trump agreed that they will suspend the imposition of new tariffs, continue bilateral trade negotiations, and exchange visits at an appropriate time. Guancha.cn comments:
The agreement is significant as it will ease the trade tensions between the world's two largest economies and boost confidence in global economic growth.
Although what the two leaders have agreed on is only a suspension of any new tariffs, that marks progress. The two heads of state have instructed the economic and trade teams of both sides to intensify consultations and reach an agreement to cancel the tariffs already imposed this year.
It is mutually beneficial for China and the United States to ease their trade tensions. The current fierce competition between the two countries stems from China's rising national strength driven by its fast economic growth and the zero-sum thinking of some people in the US. There are some people in the US who want to use the trade war and other means to force China to make concessions, hindering China's economic transformation and industrial upgrading driven by innovation and technology.
Yet their dream will only end up as an illusion because China, unlike the countries that are allies of the US, is a sovereign country with full independence, and it will not submit to the US' interests.
Besides, unlike the Soviet Union, which was the US' competitor during the Cold War, China has better comprehensive capabilities that will enable it to withstand the US pressure.
The contradictions between China and the US are unlikely to be quickly resolved. Indeed, the competition between China and the US in new technologies such as 5G networks will continue.
So while it is good news that they are suspending tariffs, that is not an end to their frictions, which will still exist in such fields as market access, intellectual property rights and technology transfer.