There is plenty of crony capitalism on both sides of the Pacific but China is the world’s Ultimate Crony Capitalist State. It is a country that has been built on crony capitalism/state capitalism. We must always keep this in mind.
The country has an agenda of expansion, some might even call it colonialism, that has been disrupted by American actions on the trade front of late. Chinese stocks are down considerably for the year and so far the trade war, and it looks to have begun, has not worked generally in China’s favor. Though these are early days.
China knows that the US still enjoys the world reserve currency. This puts China at a disadvantage. The fear in Beijing is likely that China may be forced into a diplomatic and trade conflict at a time when it is not ready to sustain one with the USA. There is likely similar thinking in Washington.
Of course it would be preferable if the powers that be could just avoid blowing up world trade, as this will no doubt create suffering of all different kinds.
A solution can only be reached if both sides are on equal footing and show sincerity, Wang added, reiterating the white paper’s content that called for “mutual respect” and “win-win cooperation” between China and the U.S.
“Win-win” is a frequent refrain from Chinese officials on any geopolitical issue, but many outside experts have expressed concern that the term may be meaningless rhetoric in some cases.
The Chinese are annoyed that someone is calling them out in the US. They are also annoyed that the US clearly does not consider China even close to an equal. “Win-win” likely is “meaningless rhetoric.” It would be nice however if it wasn’t.