Stephen bull roach, a senior researcher at Yale University’s Jackson Institute of global affairs and former chief economist of Morgan Stanley and Asia president, recently said that he does not agree with the view that the new US government will still exert negative pressure on China.
In his video speech, he pointed out that the trump administration blindly solved the bilateral problems between China and the United States, while ignoring the most important aspect of the US trade imbalance, that is, the US has a trade deficit with 102 countries in 2019. Solving multilateral problems bilaterally will never work. On the contrary, it will backfire.
Stephen & bull; roach believes that now is a great opportunity to rethink the relationship between China and the United States. The United States has a savings deficit, while China does have a savings surplus. The two countries need to examine the trade imbalance in this environment.
He suggested that the Biden administration should actively consider adopting a more constructive approach. The two sides should rethink the nature of the strategic economic dialogue and better handle trade, technology, cyberspace, personnel exchanges and other related issues in bilateral relations by strengthening special mechanisms and institutions. China and the United States should pay more attention to trade disputes, solve the main causes of friction, shift the focus of economic and trade conflicts from bilateral trade to structural issues, and restart bilateral investment treaty negotiations. The two sides can take “small steps” first and gradually show their willingness to resolve the conflict rather than aggravate it. With the change of the US government, the two sides have a real opportunity to get rid of distrust and create an atmosphere of returning to mutual trust.
On the evening of January 28, China Daily held an online lecture on the theme of “Sino US relations in a new era” to invite Chinese, American and British political and business scholars to share their views and gather consensus on Sino US relations and world development trends. Stephen & bull; roach was one of the speakers.