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On the evening of December 1, local time, President Xi Jinping was invited to have dinner and meet with US President Trump in Buenos Aires.


Subsequently, State Councilor and Foreign Minister Wang Yi held a Chinese and foreign press conference in Buenos Aires to introduce the just-concluded meeting between the heads of state of China and the United States. Wang Yi said that the discussions between the two sides on economic and trade issues were very positive and constructive. The two heads of state reached a consensus to stop imposing new tariffs on each other. The two sides put forward a series of constructive proposals on how to properly resolve existing differences and problems. China is willing to expand imports in accordance with the needs of the domestic market and the people, including the purchase of marketable goods from the United States, so as to gradually ease the trade imbalance. The two sides agreed to open their markets to each other and gradually address the legitimate concerns of the United States as China pushes forward a new round of reform and opening up. In accordance with the principled consensus reached by the two heads of state, the working teams of the two sides will step up consultations in the direction of abolishing all tariff increases and reach a concrete agreement of mutual benefit and win-win results as soon as possible.


Both sides believe that the above-mentioned consensus on principles is of great significance, which not only effectively prevents the further expansion of economic and trade frictions, but also opens up new prospects for win-win cooperation between the two sides; it is not only conducive to the respective development of China and the United States and the well-being of the people, but also conducive to the stable growth of the world economy and in the interests of all countries. Facts have proved that the common interests between China and the United States are greater than differences, and the need for cooperation is greater than friction. As long as the two sides adhere to the spirit of mutual respect, take care of each other's concerns, and conduct serious dialogue with an equal attitude, they can find a solution to the problem of win-win cooperation.


Since March this year, the 50 billion tax increase list implemented by the United States against China and the 200 billion tax increase list in September have covered machinery and equipment, electronics, automobiles, textiles, fruits, daily necessities, etc.; China's 50 billion and 60 billion tax increase against the United States The list covers almost all products imported from the United States. This kind of trade confrontation will have a greater impact on both countries. From the perspective of the United States, trade frictions have cast a shadow on the U.S. economy and stock market; from the perspective of China, taking the textile industry as an example, since the second quarter of 2018, textile companies It has also entered a period of sluggish demand, although the United States has not increased taxes on Chinese textile products, such as home textile products and clothing, however, the tax increase on raw materials, yarns and fabrics has brought a lot of uncertainty to the market, and overseas orders are in a stagnant wait-and-see state.


According to upstream spinning enterprises, since the introduction of the tax increase list in the United States, enterprises have been surrounded by various worries and stopped the purchase and customs clearance of American cotton, which on the one hand affected the continuity and stability of production, on the other hand, it also occupied a large amount of funds of enterprises; some clothing manufacturers have already sensed the losses caused by trade frictions, including the loss of some overseas orders.


Previously, in order to minimize losses, many orders "grab exports". Concerns about the uncertainty of the follow-up trend have caused orderers and suppliers to maintain a wait-and-see attitude towards goods after $200 billion, delaying orders and making production arrangements for next year difficult. Many companies worry that U.S. orders will no longer be arranged for production in the Chinese market and transferred to Southeast Asian countries. In particular, some enterprises that export to the United States are worried that they will face a "disaster".


It should be said that December 1 is a new beginning, and it will also be a good signal for domestic industries to refresh their spirits and regain confidence.


In fact, while Sino-US trade frictions have been escalating, China has been promoting opening up to the outside world, taking the initiative to reduce tariffs four times a year; at the first Shanghai International Fair, it also fully demonstrated China's determination to open up and market charm.


However, we should also note that although the two heads of state reached a consensus to stop imposing new tariffs, they did not cancel the tariffs previously imposed by each side, and there is a three-month period for stopping imposing new tariffs. Therefore, this means that the Sino-US trade is a "truce", not a "final war".


The Chinese side mentioned that the direction of the intensified consultations between the economic and trade teams of the two sides is to cancel the tariffs imposed this year and push bilateral economic and trade relations back to the normal track as soon as possible to achieve a win-win situation. However, the meaning of the statement issued by the US side is also very clear: the US side's original tariff on US $200 billion Chinese goods will remain at 10% after January 1 next year, instead of the previously announced 25%. China and the United States will start negotiations within 90 days, if no agreement can be reached by then, the 10% tariff will be increased.


In this regard, Qiu Xiaohua, an economist and chief strategic officer of sunshine asset management, believes that, first of all, the winter of the market is not over yet, and we will still face all kinds of troubles encountered by "climbing over the hurdle", as well as the difficulties brought about by external changes, and the double challenges are still continuing. Therefore, entrepreneurs should see that the current difficult period of China's economy is not over yet. Don't be blindly optimistic, and continue to prepare for the winter. Secondly, the spring of policy, reform and opening up is coming to us. If the atmosphere of this spring becomes stronger and stronger, it may dilute the severity of the market, activate the vitality of the market, and release the potential of the market. From this perspective, the first half of next year may be a difficult period of time, and the second half of the year may be slightly eased. On the whole, it is a development trend of low before and stable after.


Yan Zhi, chairman of Zall Holdings, also said that from a macro perspective, the trade dispute between the two countries has been temporarily eased. In the long run, our country will actively strive for a complete solution to the problem. This is a great thing for private enterprises. Today's consensus is a kind of dawn, the future will be better and better.