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First, China has undisputable sovereignty over islands and their surrounding waters in the South China Sea, backed by a wealth of historical and legal basis,” Shao said.
For a long period of time, various nations’ normal passage and flight in the region have never been obstructed. “There i
s no issue over the freedom of navigation and overflight in the South China Sea,” he said.
However, the US has frequently sent vessels and aircraft to trespass into Chinese mar
itime territory and airspace, and has conducted intense intelligence gathering and special drills in the region.
“These actions damage the peace and security of the region,” Shao said. “As a result, the PLA
has installed necessary defense equipment on the islands in accordance with security needs. This is within
the natural rights of a sovereign state, and a necessary measure to counter those provocative actions.”
trade, they could decline by 0.134 percent, 0.323 percent and 0.869 percent. Th
e US tariff hikes therefore will increase the economic pain of the US and world economies.
Agricultural products, chemicals and chemical products, textiles and g
arments are the main US items targeted by China’s higher tariffs. But despite the higher tar
iffs providing some protection for domestic industries, Chinese consumers might have to pay more to purchase them.
In the first four months of this year, the volume of Sino-US trade dropped by 15.7 percent to $161.23 billion. In terms of product
structure, US exports of raw materials and foods to China saw the biggest decline, among which the export of so
ybeans plummeted by half in March compared with the same period last year. And US exports of plant products, mi
nerals, jewelry and precious metals declined by more than 85 percent in the first quarter.
integration－trade, investment and finance－began benefiting large emerging and developing econ
omies. To be sustainable, globalization cannot serve just a few wealthy advanced economies. It m
ust also serve poorer and faster-growing economies, which today account for most of the global growth.
So, by flirting with trade protectionism and punitive tariffs on imports, adva
nced economies are seeking to implement the wrong policies at the wrong time. As the adv
anced countries have fallen into secular stagnation, they desperately need growth. Therefore, the rise of poorer eco
nomies is not a win-lose game, because it benefits the advanced economies, too.
In the aftermath of the 2008 global financial crisis, all major advanced econom
ies would have faced another Great Depression without the support of large emerging economies, particularly Ch
ina. And the contribution of these countries to global GDP growth is expected to climb to 80 percent by 2050.