It is a great honor and prestige to be asked to make a speech here tonight. I have chosen a rather serious, unpleasant subject for tonight's speech: it is the problem of trade friction¹ between China and the United States.

It seems that criticism is directed mainly toward China for its large trade surplus vis-a-vis the United States. As of the summer of 1997, the annual surplus amounted to some US $ 50 billion. The reason for that is that automobiles² and electronic products of China are outselling the American equivalents. Criticism also goes to the closed market of China. Americans demand that China open its market for American agricultural products such as crops, fruit, and food-meat, and that the complex Chinese distribution system be simplified

However, I think the basic posture³ the Americans are taking needs to be changed. That is, Americans tend to assume that the Chinese are all to blame, and they also demand  quick changes from the Chinese. I think what we really need is a little more patience and effort to understand each other. Mutual⁴ understanding is indispensable today when international interdependence is the rule.

I hope my speech will serve as "food for thought" and that you will be able to "digest" it well. Thank you

Notes:

trade friction:贸易摩擦

trade surplus:贸易盈余

outselling:卖得比...多

distribution system:行销体系

the Chinese are all to blame:都是中国的错

food for thought:思考的食量