The Chinese Academy of Social Sciences held a high-level national think tank forum in Beijing on Wednesday, where experts and scholars gathered to debate "The problems and solutions of the China-U.S. trade frictions".
Wu Baiyi, director of the Institute of American Studies at the academy, said that in the past 20 years, economic globalization has been developing rapidly, and that the United States had played a leading role in this process and reaped huge dividends. But it has also led to structural changes in its economy and rising trade deficits.
Although the United States remains the world's number one power, it faces problems with its internal governance, which are mainly manifested in the irreversible trend of industrial transfers and uneven income distribution.
For more, Professor Wu Baiyi earlier spoke with China plus.
