World sets sight on Boao forum for fresh impetus of globalization

By:Xinhua
update:April 10,2018

PROTECTIONISM LEADS NOWHERE

"Why is the United States losing its confidence?" asked Zhang Yuyan,director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences.

The harder Trump pushes, the more confidence is lost for America, Zhang told the BFA annual conference.

The U.S. administration sees trade deficits as the central cause of its economic woes and the country's job losses.

But the United States is not going to get an easy win.

The United States has trade deficits with more than 100 countries due to structural problems. Without China, it would have to import goods from somewhere else and deficits would remain intact, and probably expand.

Importing from other nations with lower efficiency than China is nothing but raising retail prices or taxing U.S. consumers, Zhang said.

No countries can address their economic problems through protectionism, said Zhou Wenzhong, former secretary-general of the BFA.

"Protectionism leads nowhere," he said.

Asia's export-oriented economies should not fall into the protectionist trap but adapt to external changes, according to the BFA Asian Competitiveness Annual Report 2018 released on Sunday.

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