China, U.S. need to build resilient supply chain: trade official

China and the United States should work together to build a resilient supply chain and a sustainable future when the rhetoric of decoupling and derisking is making a great clamor, said Ren Hongbin, chairman of the China Council for the Promotion of International Trade on Friday.

At a business event during the APEC Economic Leaders' Week that wrapped up Saturday in the Peruvian capital Lima, Ren emphasized that in an era of globalization, the resilience and sustainable development of the supply chain is crucial.

He reiterated China's unwavering commitment to maintaining an open and fair international trade environment and stressed that China and the United States should work together to face challenges and seize opportunities for mutual benefit.

"It was a very successful story about cooperation between China and the U.S. in the APEC meeting. So actually, we worked together with other parties to put forward, actually, the principle, how to safeguard the resilience and sustainable development of the supply chain. That is echoed by many business communities there," Ren said.

To this end, Ren highlighted several principles to follow.

"So first, to try to work together to promote the resilience and sustainable development. Second, we have to push the governments to make suitable policies, to adjust the policies to suit the cooperation of the supply chains. And also, I think the last but not least (is) to also [go] against the protectionism," he said.

Ren called for efforts to stand up to protectionism and unilateralism.

"So the tariffs, actually, we must clarify that it's a very typical protectionism, protectionist measures there. So actually, China firmly opposed against that. But I think as the business community, we have to speak our voice there to [go] against such kind of protectionism there," he said.

U.S. President-elect Donald Trump has threatened to impose additional tariffs of 60 percent to 100 percent on goods brought in from China and install a blanket tariff of 10 to 20 percent on the rest of the world.

During his meeting with U.S. President Joe Biden in Lima on Saturday, Chinese President Xi Jinping stressed that neither decoupling nor supply-chain disruption is the solution to unprecedented challenges in this turbulent world. Common development can only be achieved through mutually beneficial cooperation, he said.

China, U.S. need to build resilient supply chain: trade official

China, U.S. need to build resilient supply chain: trade official

The U.S. dollar strengthened in late trading on Thursday.

The dollar index, which measures the greenback against six major peers, gained 0.14 percent to 98.990 at 3 p.m. (2000 GMT).

In late New York trading, the euro fell to 1.1652 dollars from 1.1672 dollars in the previous session, and the British pound decreased to 1.3339 dollars from 1.3350 dollars in the previous session.

The U.S. dollar bought 155.03 Japanese yen, lower than 155.15 Japanese yen in the previous session. The U.S. dollar increased to 0.8032 Swiss francs from 0.7994 Swiss francs, and it rose to 1.3953 Canadian dollars from 1.3948 Canadian dollars. The U.S. dollar was up to 9.4173 Swedish kronor from 9.3744 Swedish kronor.

U.S. dollar ticks up