At the "20th Tokyo-Beijing Forum" held on December 4, former Governor of the People's Bank of China, Yi Gang, stated: "In the face of 'small yards with high walls' or high tariffs, some economists have studied whether such policies should be retaliated against or not, that is, whether to enter a 'second round'?"
He immediately provided an answer: "For the first round, I mentioned that free trade is the best arrangement, and this principle still applies in the second round. In other words, when the other party is irrational, from an economic perspective, not retaliating is an optimal solution. However, from a political perspective, it might be difficult to deal with domestic public opinion; economists and policy advisors should loudly advocate the benefits of free trade."
"Faced with some current difficulties, both economists and the industry indeed feel helpless, as there are no particularly effective countermeasures. But from our perspective, in fact, free trade is the best arrangement."