The harder Trump pushes, the more confidence is lost for America, Zhang told the BFA annual conference.
The U.S. administration sees trade deficits as the central cause of its economic woes and the country's job losses.
But the United States is not going to get an easy win.
The United States has trade deficits with more than 100 countries due to structural problems. Without China, it would have to import goods from somewhere else and deficits would remain intact, and probably expand.
Importing from other nations with lower efficiency than China is nothing but raising retail prices or taxing U.S. consumers, Zhang said.
No countries can address their economic problems through protectionism, said Zhou Wenzhong, former secretary-general of the BFA.
"Protectionism leads nowhere," he said.
Asia's export-oriented economies should not fall into the protectionist trap but adapt to external changes, according to the BFA Asian Competitiveness Annual Report 2018 released on Sunday.
"Asian economies should liberalize their trade and make greater efforts in regional integration," Zhou said.
The Asian economies have more cooperation than competition. With different development stages, resources, policies and systems, Asian economies can complement and benefit each other, according to the Asian competitiveness report, which evaluates the competitiveness of 37 economies.
【国内英语资讯:Xinhua Headlines: World sets sight on Boao forum for fresh impetus of globalization】相关文章:
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