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As for US exports to China, Braden said first-quarter data showed a 19.3 percent decline from 2017 to 614,588 TEUs. "That was due almost exclusively to China's waste ban, as that is the largest US export, and China is the top market for that export," he said.
As a country that has "benefited tremendously from economic globalization and free trade", Chile fully supports China's stance on boosting open economies and maintaining economic globalization, he said.
As a result, almost all of the households borrow money from other people if they cannot find workers and suppliers who are willing provide labor and materials on credit.
As President Xi noted, the private sector should move toward a broader role in the Chinese economy. The real question is how that can be accomplished. Since the United States continues to engage in both protectionism and deglobalization, it is incumbent upon Chinese private firms to be nimble, competitive, diversified and better managed to meet the challenges.
As a result, the US exporters "are put at a major disadvantage" because their competitors in Europe, Japan and South Korea can continue to ship to China with no restrictions, he said.
