Luo Linquan, Consul General of China.

China and the U.S. share more common interests than differences, and both parties should address their concerns through a dialogue based on mutual respect in order to achieve win-win results, said Consul General of China, Luo Linquan, in his keynote speech at the China-U.S. Entrepreneur & Investment Summit and People’s Daily Online Global Partners Conference in San Francisco, July 21.

2019 marks the 40th anniversary of the establishment of China-U.S. diplomatic ties, said Luo, adding that this was a rational choice made by the two countries four decades ago.

Since then, China and the U.S. have cooperated in numerous fields while expanding common interests, the Consul General noted. In addition, remarkable achievements in regards to regional and global affairs have been made by the two countries.

However, the two countries have recently encountered problems centered on trade issues. The unilateral actions taken by the U.S. have severely damaged the interests of not only China, but also the U.S. itself and the rest of the world. The Consul General noted that China had to carry out necessary retaliations.

China-U.S. trade volume was next to nothing back in 1972 when former U.S. President Richard Nixon visited China. However, by 2017 it had grown 200 times that of 1972, to over $580 billion. What hides behind the numbers, explained Luo, is the result of compliance to economic rules from both sides, proving that bilateral trade is beneficial for both China and the U.S.

Some U.S. officials think that their country has been taken advantage of by China, attributing the country’s deficit to this claim, Luo said, adding that such claims are neither fair nor objective.

The Consul General stressed that China has enhanced efforts on intellectual property protection (IPR) over the past 40 years and made tremendous achievements. In 2017, China’s external payments for IPR royalty totaled $28.6 billion, 15 times the figure in 2001 when the country first entered the World Trade Organization (WTO).

Now China is the second largest country in international patent application, filing 48,000 applications via the Patent Cooperation Treaty last year.

Luo noted that the white paper recently released by the Chinese government on China and the World Trade Organization is a comprehensive introduction to China’s fulfillment of its promises made upon joining the WTO, as well as the country’s stance on building a multilateral trade system.

Since its entry to the WTO, China has substantially opened its market and conducted win-win co-operation with the spirit of free trade, showcasing the responsibilities of a major power. China’s accession to the WTO has helped develop the country itself, but has also benefited the world, Lin noted.

“It is undeniable that China and the U.S. are to some extent competing with each other, but both sides should address their concerns through mutual respect in an appropriate and balanced manner, in order to achieve win-win results,” Lin said, adding that “The healthy development of China-U.S. ties needs effort from people on both sides, and discussions at the recent meeting are a reflection and foundation of bilateral mutually beneficial cooperation.”