Kelly Olsen
trade war against China.
The electrical flow U.S. policy is short-sighted together with destined to fail, said Ronnie Chan, chairman of Hang Lung Properties, amongst commercial together with residential evolution inward Hong Kong, Shanghai together with other mainland cities.
It volition solely force China to railroad train inward a way that is ultimately against American interests, Chan said at the MIPIM Asia Summit, a real-estate manufacture conference inward Hong Kong on Tuesday.
"In fact, If you lot were to inquire me 'who is the biggest loser inward the U.S.-China merchandise war,' I'll grade you lot it's truly the U.S.A. of America of America," said Chan, a noted philanthropist whose identify unit of measurement foundation pledged $350 1000000 to Harvard University inward 2014.
In his view, merchandise is non the biggest ingredient for the U.S. Rather, it is Washington's longstanding concerns well-nigh China's technological evolution which could teach a armed forces threat, including inward cyber warfare.
'Yao Ming'
But trying to destination that pursuit rather than maintaining influence through cooperation — inward areas such every bit space, supercomputers together with shipping — is truly having the contrary effect, Chan warned.
Such pressure level is "forcing China to railroad train their technology scientific discipline faster," he said.
In the economical sphere, Chan said that the merchandise state of war is too pushing China to growth the international role of its currency, the yuan.
Chan emphasized that the Chinese currency remains far from challenging the U.S. dollar's global supremacy, but the yuan volition increasingly locomote used to settle Chinese merchandise transactions, including amongst countries such every bit Russia together with Iran.
He acknowledged that China's merchandise surplus way it has less ammunition to response inward form to U.S. tariffs together with Beijing volition endure approximately economical harm, but he said the Chinese economic scheme "can carry the pain" given its size.
"China today is Yao Ming," he said, comparison the world's second-largest economic scheme to the towering Chinese basketball game star who played for the NBA's Houston Rockets.
Chan too said the U.S. may "be left amongst no choice but to conduct hold to locomote amongst China, non solely inward the working capital alphabetic quality marketplace but inward many other ways" — together with it could accept the side past times side global fiscal crisis for Washington to run into that it needs a cooperative human relationship amongst Beijing.
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