President Xi Jinping and US President Donald Trump will meet at the G20 summit this week, but the outside world is generally not optimistic about the short-term agreement between the two sides. John Flint, chief executive of HSBC Holdings (0005), said that the West expects China to be confined and that the trade war is only the “first chapter of the story” and that a scientific war will break out in the future.
It is expected that the West will have a consensus to contain China.
When attending the forum in London, Fanning pointed out that the measures taken by the United States against China are not only related to trade. It is estimated that when trade issues are alleviated, there will be a broader consensus in the West that China will be blocked and the next step will be related to science and technology. But he expects that because Trump needs to maintain the US economic growth before the presidential election next year, it may make him softer and seek an agreement with China.
For the impact of the China-US trade war, Fan Ning said that the income of HSBC is still unaffected, but once the conflict continues, more customers will postpone their investment decisions. He also pointed out that China’s rapid expansion of the global economy has forced Western liberal democratic regimes to stop thinking because China has presented a deep socialist system to the world, which is also in line with the needs of its people.
