A screenshot of CGTN anchor Liu Xin and Fox Business Network host Trish Regan.
The China Global Television Network anchor Liu Xin joined Fox Business Network host Trish Regan on her primetime show for a live television discussion on China-US trade issues at around 8:26 am BJT on Thursday (8:26 pm EST on Wednesday).
Here are the highlights of the discussion:
On trade talks
Trish Regan: What is your current assessment of where the trade talks are. Do you believe a deal is possible?
Liu Xin: The talks were not very successful last time, and both sides are considering where to go next. The Chinese government has made its position very clear.
There is high possibility of a trade deal only if the United States treats the Chinese government and negotiating team with respect and shows the willingness to talk without using outside pressure.
Otherwise, we might be facing a prolonged period of problems for both sides.
On intellectual property
Liu Xin: There is consensus among Chinese people that no country or individual can protect itself without intellectual property protection. Isolated cases do not mean that America is stealing or Chinese people are stealing.
Liu Xin: When we talk about tariffs it's not just between China and the US. If you don't like the rules, then let's change the rules, but it has to be done as a multilateral decision.
Trish Regan: How do you define state capitalism?
Liu Xin: We would like to define it as socialism with Chinese characteristics, where market forces are expected to play the dominating or deciding role in the allocation of resources.
We want it to be a market economy but there are some Chinese characteristics, for example, some state-owned enterprises which play an important but smaller role maybe in the economy.
If you look at the statistics, 80 percent of Chinese employees work at private enterprises, 80 percent of exports are by private companies.
We are a socialist economy with Chinese characteristics, but we are not just state controlled, we are quite mixed, very dynamic and very open as well.
On China's development
Liu Xin: If you look at the overall size of the Chinese economy, don't forget we have 1.4 billion people. If you divide the second largest economy in the world, when it comes down to per capita GDP we are less than one-sixth of the US.
We can do a lot of big things, and people are looking upon us to do a lot more around the world.
It is the first time that television hosts from China and the US are facing off live. The much-anticipated event has sparked widespread attention from media across the world.
The discourse takes place via satellite, as Liu is in CGTN's studio in Beijing, while Regan is at Fox's studio in New York.
The debate idea came about after the two newswomen clashed earlier this month after Regan said Beijing stole "$600 billion worth of intellectual property a year", leading to the Trump administration tariffs.
"China you picked the wrong fight!" Regan tweeted on May 26.
On May 22, on her own program, The Point With Liu Xin, Liu a top anchor on the English-language channel of CGTN, said the $600 billion figure is an estimate by a nonprofit organization that had not been verified.
Liu said it refers to the US' possible IP loss to the world in a year, according to the organization's report.
She said Regan's points were "all emotion" with "little substance".
Regan responded on Twitter: "Hey #China State TV - let's have an HONEST debate on #trade. You accuse me of being 'emotional' and not knowing my facts - wrong! You name the time and place, and I'll be there!"
In accepting the challenge, Liu wrote on Twitter: "My name is not #China State TV. It's LIU Xin and please, feel free to call me Xin. … But I don't want to play any mud throwing game, if that's what you prepare to do."