CRI听力:China-US trade deficit is not so important: US strategist

Observers from the US and Chian have met in Beijing to discussing the future of trade between the two sides amid the current trade frictions.

The US President Donald Trump continues to tout his theory that the trade deficit with China hurts American jobs.

And now with the additional tariffs by the US side potentially hitting some 200 billion US dollars or beyond on Chinese imports, he is putting this theory to the test.

On the backdrop of this, scholars from think tanks from both countries have gathered together at the Center for China and Globalization in downtown Beijing to discuss the situation.

Dr. Michael Pillsbury, a China strategist and longtime senior advisor to US governments, represents the Hudson Institute during the roundtable discussions.

He says it's the Trump administration's hallmark strategy to use the trade deficit as a way to blame China for US job losses.

"Most of the economist in America, they don't think the trade deficit is very important, they think trade deficit is just a simple measure, doesn't cost any jobs, doesn't slow economic growth, so we should not be concerned about it."

Pillsbury, instead, suggests the trade deficit a structural problem, saying that he believes Trump is being given bad advice.

Pillsbury also says he believes if the Chinese government continues with its reform and opening up policy, the dispute will eventually solve itself.

Official US statistics from 2017 contend the US registered as $375.6 billion US dollar deficit in its trade in goods with China.

Doctor Wang Huiyao, President of the Center for China and Globalization, says the calculation methods can be improved.

"Calculation of the trade deficits should be improved. For example the service trade should be included, so that the deficit won't be seen that big. And also, particularly US multi-nationals operation in China, their income should be considered as well."

Leading trade experts from Beijing and Washington at the session say they both agree that more communication is needed, suggesting that a better understanding of the nuances of trade between China and the US is critical.

To that end, officials attending the event in Beijing have announced the launch of a collaborative research initiative focusing on trade issues.