DisastrouseffectofAmericanbullyingarecoming——voicesfromtheHigh-endSeminaronSino-U.S.EconomicandTradeRelationsThedamagecausedbyU.S.bullyingonSino-U.S.economicandtradeissuesisbecomingobvious,whichunderminestheprospectsforglobaleconomicgrowth,thesupplychainstructureofGlobalValueChains,globalscientificandtechnologicalexchangesandcooperationandindustrialprogress,internationaleconomicorderandmultilateralcooperationmechanism.TheabovecommentscamefromtheHigh-endSeminaronSino-U.S.EconomicandTradeRelationsheldinBeijingonMay31.Theseminar,sponsoredbyChinaCenterforInternationalEconomicExchanges,convenedformerseniorofficialsfromgovernmentdepartmentsoverseeingmacro-economy,foreigntrade,diplomacy,andfinance,andsomeheadsoftradeassociations.ParticipantsattheseminarbelievedthatChinahastheconfidenceanddeterminationtobe“asstableasamountain”facingwithAmericanbullying.Chinawillcommitfirmlytothedevelopmentconceptofinnovation,coordination,green,openness,andsharing,deepenreformandopeningup,andacceleratehighqualityeconomicdevelopment.Besides,Chinawilladheretotherules-basedmultilateraltradingsystemandstrivetomaintaintheglobaleconomicorder.DelegatesbelievethatintheeconomicandtradefrictionsbetweenChinaandtheU.S.,Chinesehigh-techenterprisesandSino-USscientificandtechnologicalcooperationandexchangesaresufferingmaximumpressuresbecauseofU.S.repression.However,underthebackgroundofeconomicglobalization,thedivisionoflaboramongcountriesisbecomingmoreandmoreintensive,onlyscientificandtechnologicalexchangesandcooperationbetweencountriescanfacilitateinnovationanddevelopment.Inanattempttokeepitstechnologicalsuperiority,theU.S.usedbrutaladministrativeinterventiontocrushitscompetitors,whichcanonlyresultinshootingitselfinthefoot.AreportbytheInformationTechnologyInnovationFoundation,anAmericanthinktank,saidAmericanbusinessescouldlosebetween$14.1billionand$56.3billioninfiveyears.TheU.S.andChinaarethetwolargesteconomiesintheworld,accountingfor40%oftheworldeconomyin2018and23%oftheworld'stotaltrade.TheconsequencesofAmericanbullyingwillnotonlybefeltbythetwocountries,butalsoextendtotherestoftheworld.Accordingtorelateddata,thegrowthrateofinternationaltradehasdroppedfrom4.1%inthesecondquarterof2018to2.2%inthefirstquarterof2019asaresultofSino-U.S.economicandtradefrictions.Globalforeigndirectinvestment(FDI)havefallenby41%inthefirsthalfof2018,from$800billioninthefirsthalfof2017to$470billion.ContinuedintensificationoftradefrictionsbytheU.S.mustartificiallyobstructthefreeflowofinternationalcapital,commoditiesandtalents,whichdirectlydamagesthestabilityandsustainabilityoftheglobaleconomy.TheU.S.bullyingwillmakegreatdamagetoglobalscientificandtechnologicalexchanges,cooperationandindustrialdevelopment,andthespillovereffectofeffectiveinternationaltechnicalcooperationovertheyearswillbereduced.TheU.S.unilateralismandprotectionismwillencourageglobalpopulism,erodethebasisofmultilateralcooperation,andendangerthesustainabilityofglobaltradeandtheopennessofeconomicandtraderules.