Chinese business leaders at the country’s equivalent of Davos conference sound the alarm on harmful stalemate
As tensions between the United States and China continue to escalate, business leaders at China’s version of the World Economic Forum in Davos have warned of the potentially damaging effects of a prolonged trade war.
The China Development Forum, often referred to as China’s ‘Davos’, brings together top government officials, business leaders, and academics to discuss key economic issues facing the country and the world. This year, one of the main topics of discussion was the ongoing trade dispute between the world’s two largest economies.
As the trade war between the US and China enters its second year, the effects are already being felt by businesses on both sides. Tariffs and retaliatory measures have disrupted supply chains, increased costs, and dampened business confidence. The International Monetary Fund has warned that the global economy could suffer as a result of the trade tensions.
At the China Development Forum, business leaders from both countries voiced their concerns about the potential damage caused by a prolonged deadlock in negotiations. They emphasized the importance of finding a resolution to the trade dispute and called for greater cooperation between the US and China.
Wang Qishan, Vice President of China, warned that “a trade war does no good to anyone,” and stressed the need for both sides to work together to find a solution. Similarly, Moet Hennessy Louis Vuitton CEO Bernard Arnault urged the US and China to “come back to reason” and find a way to resolve their differences.
While both sides have expressed a willingness to negotiate, reaching a resolution may prove difficult. The US has demanded significant changes to China’s trade practices, including intellectual property theft and forced technology transfers, which China has been reluctant to agree to.
Despite the challenges, business leaders at China’s ‘Davos’ remain hopeful that a resolution can be reached. They stressed the importance of open dialogue and cooperation between the US and China, and the need for both sides to work together to prevent further escalation of the trade dispute.
As the trade war between the US and China continues, the stakes are high for businesses and economies around the world. The warnings from business leaders at China’s ‘Davos’ are a reminder of the potentially damaging effects of a prolonged deadlock in negotiations, and the importance of finding a resolution to the trade dispute.
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