US-China trade friction increases risk of global recession: Chinese diplomat

HOUSTON - The economic and trade friction between China and the United States increases the risk of a global recession, Chinese Consulate General in Houston Cai Wei said Wednesday.

In a keynote speech at the Argus Methanol Forum in Houston, Cai said the US-initiated trade friction with China has caused direct negative impacts on both economies, shaken the confidence of international capital market, triggered turmoil in financial markets, and threatened the stability and security of global supply chain.

Unilateralism, protectionism, and trade bullying run against the trend of the economic globalization and the principle of market competition, Cai said, noting that China has been a strong advocate for free trade, comprehensively fulfilling its commitments on opening the market, and strengthening protection of intellectual property rights.

Noting that China has lifted more than 740 million people out of poverty and become the first developing country to achieve the United Nations Millennium Development Goals, he said that China is "not only the most important producer, but also one of the most important markets."

"Quality goods and services from all over the world are welcomed in Chinese market," he added.

"With social and economic development, and need to improve living standard and consumption level, the demand for various energy and chemical products, including methanol, is growing in China. That will create great potential for international cooperation," he said, encouraging more US methanol companies to enter the Chinese market.