China cannot meet the Trump administration’s demands that it give up its state-sponsored predatory mercantilism, the former chairman of Goldman Sachs Asia said Monday.
Speaking at a conference on China organized by the Swiss bank UBS, former Goldman executive Fred Hu said that China not only could not but should not dismantle its economic system in favor of a market-based economy, according to Bloomberg.
China - Steps - Demands - Trump - Advisers
While China has made taken some steps, it cannot and should not meet “aggressive and draconian” demands from some of the more hawkish Trump advisers such as dismantling the entire Chinese model of state-led capitalism, according to Hu. He added that instances of forced technology transfer were “very rare” in his multi-decade experience in advising overseas companies operating in the Asian country.