Chinese economist calls US trade war ‘negative-sum' game at Boao Forum
A trade war is neither a win-win scenario nor a simple shift in gains, a Chinese economist said, calling such a conflict an exercise in a 'negative-sum logic' that contends for superiority at any cost - even the aggressor's own well-being.
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'Beyond the economic rationale of pursuing benefits, there's a political logic to trade – one that seeks to secure a country or economy's dominant position,' said Zhang Yuyan, dean of the Chinese Academy of Social Sciences' School of International Politics and Economics, at the Boao Forum for Asia on Tuesday.
'One way this logic plays out is by suppressing competitors – even if I incur losses myself, as long as my rival suffers greater losses, I can still maintain my advantage. This is a lose-lose situation.'
The sentiments in Zhang's opening address were echoed by other Chinese economists, who shared concerns over the state of global trade as US barriers
continue to rise
'I am quite pessimistic about the future of free trade because some major powers have abandoned multilateralism, with the World Trade Organization largely sidelined,' said Long Yongtu, China's chief negotiator during its accession to the UN body.
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The
Boao Forum for Asia - an annual gathering of high-level officials, academics and business executives - is being held in the southern island province of Hainan from Tuesday to Friday.
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