GUANGZHOU, July 10 (Xinhua) -- Chen Wei is expecting better prospects for his company's export business as China and the United States recently agreed to restart economic and trade consultations.
"I hope the bilateral economic ties will improve and the interests of enterprises and consumers in both countries will be better protected," said Chen, vice president of Seagull Kitchen and Bath Products Company in the southern Chinese city of Guangzhou.
On the sidelines of the G20 Osaka summit, China and the United States agreed to continue to advance a relationship featuring coordination, cooperation and stability, and restart their economic and trade consultations on the basis of equality and mutual respect.
Some exports from Seagull were subject to additional tariffs by the U.S. "The added cost was taken on by our American clients after negotiation," he said.
The company's exports to the U.S. grew by 13 percent in 2018, and the growth momentum continued during the first half of this year.
According to the American Chamber of Commerce in South China, among 240 multinational enterprises surveyed, 54 percent of the U.S. companies said they are losing market shares due to the added tariffs.
Golden Sea is a Guangzhou-based lighting equipment producer, and the American market accounts for one third of its turnover.
Lao Jiewei, board secretary of the company, said some American customers required a price adjustment and some even wanted to cancel their orders after the additional tariffs were imposed.
After negotiation, the additional cost is shared by the consumers, the clients, Golden Sea itself as well as the suppliers, he said.
The company plans to explore the European and Japanese markets. "We can't put all our eggs in one basket," Lao said. "What we are most worried about is that the trade friction will reduce customers' confidence."
At a recently held press conference, spokesperson Gao Feng with China's Ministry of Commerce expressed hope that China and the U.S. will seek mutually beneficial and win-win solutions to create a stable and predictable trade and investment environment for enterprises of the two countries and the rest of the world.
Harley Seyedin, president of the American Chamber of Commerce in South China, said China is an important market for the world. He hopes the two sides will solve the friction through cooperation and dialogue.
