The principled agreement reached between China and the United States during recent talks in London represents a significant move in the right direction, said John McLean, Chairman of the China-UK Business Development Centre, who also expressed strong confidence in the resilience of the Chinese economy.
McLean made the remarks in an interview on the sidelines of the three-day 2025 Beijing CBD Forum, which opened on Wednesday with the goal of further strengthening China's connection with the global community.
The first meeting of the China-U.S. economic and trade consultation mechanism was held in London from Monday to Tuesday.
The two sides held candid and in-depth talks and thoroughly exchanged views on economic and trade issues of mutual concern.
An agreement in principle was reached on implementing the important consensus made between the two heads of state during their phone call on June 5 and the framework of measures to consolidate the outcomes of the economic and trade talks in Geneva, and new progress was forged in addressing each other's economic and trade concerns.
McLean lauded the agreement, stressing that businesses around the world hope for more stable relations between the world's two largest economies.
"This is good, very good for the world, very good for trade. Because we are in the sea of uncertainty. If we can reduce the uncertainty, I don't think we can ever get back to a level playing field because of the turmoil that happened, and also don't forget this is just China and the U.S. There are a number of other countries which actually have to find an accord, and the 10 percent tariff is in existence today. So, it is a significant step in the right direction," he said.
With over two decades of business experience in China, McLean expressed confidence in the country's ability to navigate the economic uncertainties.
"I've been trading in China for something like 26 years. Probably not quite, but each year I read in the paper: 'Chinese growth under challenge. Can they do 10 percent? Can they do 8 percent? Can they do 6 percent? Can they do 5 percent?' But the levers that China has in terms of managing its economy, I would say, I have trust in them to be able to actually pull those levers, because they demonstrated over the last 20 odd years that they can do it. I'm not saying it is going to be easy. And when you see what's actually happened, here in terms of their technological advances and their green energy advances, you have to think they have the capability in the know-how," he said.
Principled agreement between China, U.S. marks significant step forward: UK business leader
A group of Japanese political figures and residents gathered in Tokyo on Wednesday evening to voice their opposition to the country's skyrocketing defense spending and demanded Prime Minister Sanae Takaichi to retract her recent erroneous remarks regarding China's Taiwan region.
At a Diet meeting in early November, Takaichi claimed that the Chinese mainland's "use of force on Taiwan" could constitute a "survival-threatening situation" for Japan and implied the possibility of armed intervention in the Taiwan Strait, which drew strong criticism worldwide.
At the rally, protesters leveled harsh criticism of Takaichi's remarks on Taiwan. They argued that such statements seriously deviated from the Japanese government's longstanding position, undermined the foundation of China-Japan relations, and even pushed Japan toward the risk of military conflict.
"This is almost equivalent to a declaration of war. It tramples on all the agreements reached between China and Japan up to now. Besides, if such a thing were to actually happen, it would cause enormous casualties for both China and Japan. Despite knowing this, she still made such reckless statements, and their content is inconsistent with previous administrations' consistent stance. This has become a serious problem. It still hasn't been retracted. I think this is utterly presumptuous. It could not only affect the economy but could even trigger military conflict. I believe Takaichi should retract the remarks as soon as possible. If she cannot do that, I believe the current Takaichi administration, composed of the Liberal Democratic Party (LDP) and the Japan Innovation Party (JIP), is no longer qualified to steer Japan's future," said Yamazoe Taku, a member of Japan's House of Councilors, the country's upper house of the National Diet.
Japan's House of Councilors passed a supplementary budget for fiscal year 2025 at a plenary session on Tuesday, pushing the country's defense spending to a record high.
The supplementary budget allocates an additional 1.1 trillion yen (about 7.7 billion U.S. dollars) for defense. Combined with the previously approved 9.9 trillion yen (about 69.2 billion U.S. dollars) defense budget, Japan's total defense spending for fiscal year 2025 reaches approximately 11 trillion yen (about 77 billion U.S. dollars), accounting for about 2 percent of its GDP.
Regarding the Japanese government's continuously expanding defense spending, protesters said that against the backdrop of persistent price hikes and increasing pressure on people's livelihoods, it is infuriating that the government is channeling vast amounts of fiscal funds into military expansion while neglecting public welfare needs.
"If defense spending rises to 21 trillion yen (approximately 140 billion U.S. dollars), healthcare, nursing care, welfare, and education will inevitably be severely squeezed. What we want is livelihood, not armaments," said Fukushima Mizuho, head of Japan's Social Democratic Party.
"If Japan gradually moves toward isolation in the international community and ultimately incites war, the ones who will suffer the damage will only be us ordinary citizens. This must absolutely not be allowed," said a protester.
"The government is cutting welfare, cutting budgets for healthcare and nursing care needed by people living in hardship, yet continuously pouring money into the military-industrial complex. I am very angry about this. Moreover, these budgets are being filled by borrowing money. Isn't this just shifting the burden onto the younger generation layer by layer? This truly pains me to see it," said another protester.
"At a time when the Japanese people are struggling so much due to soaring prices, to use money for military expansion is something I cannot accept," said a protester.
Japanese rally against PM's erroneous remarks on Taiwan, skyrocketing defense spending
