Illustration: Global Times

George Soros, a US billionaire financier, recently published an article — "Will Trump Sell Out the US on Huawei?" in the Wall Street Journal, hailing Donald Trump administration's China policy is a great achievement. He wrote "[Trump] administration rightly declared Beijing a strategic rival" and "my interest in defeating Xi Jinping's China goes beyond US national interests." What could cause the billionaire's hostility toward China?

As one of the most renowned US financiers, Soros has made huge profits by speculating in finance. It is said that he has made $44 billion through financial speculation, according to the BBC. In 1997, Soros' currency trades shook Thai and Malaysian economies in the Asian financial crisis. A year later, he led speculative attacks toward the markets of Hong Kong, but failed because the city was backed by the Chinese central government which firmly defended the Hong Kong dollar and the Hang Seng Index. 

On the Chinese mainland, the central government's effective control over capital flows of hot money has checked the intention of US financial giants such as Soros to make profits by speculating in the Chinese financial market.

Soros seems to nurse a grudge against China because of his failure to make a fortune in the financial markets of both Hong Kong and the mainland. No wonder he was full of praise for Trump administration's hard-line policy toward China.

As a financial titan, Soros' words still carry weight in the US. As one of the most important figures of US financial circles, he could impact the country's financial policies and US society. His article can be regarded as an endorsement for Trump's stringent China policy in US financial community.

Yet neither Soros nor Wall Street can jolt China. China has a sound financial system and its management in fields such as foreign exchanges is effective. China has adopted measures to prevent risks, ranging from exchange rate fluctuations to capital flows. These moves successfully prevent Western financiers from shorting the Chinese economy and the emergence of financial risks.

China has made and will make progress in opening up its financial sector. China hopes to engage in more cooperation with the US and other Western countries in the sector, which would also benefit the US. 

US elites are aware of the pressures from China's rising economic might and its great influence on the world, especially after China initiated the Belt and Road Initiative. 

These elites contend Beijing poses a threat to Washington and have tried to suppress and contain the development of Beijing's economy. It is not surprised that Soros, a member of US financial elites, uttered such harsh remarks against Beijing.

What should China do in the face of such a bellicose stance emanating from the US?

First, China has to be confident. Although the US has tried hard to contain and crack down on China's development in a variety of ways, it will be difficult for them to succeed. China has a large economy, maintains a good momentum of development and works cooperatively with neighboring countries and other major economies. China will integrate into the global economy in its own way.

Second, China should guard against any attempt to crack down on China by using a trade war or financial war, and continue to criticize any rhetoric or moves that are not conducive to maintaining normal China-US economic and trade ties. It should also strike back when necessary.

Furthermore, some US right-wingers want an economic decoupling from China, which would be detrimental to both countries' economies and global development. Beijing doesn't want to see this happen. China is open to financial interactions with the US and welcomes the latter to enter the Chinese financial markets in a proper manner. This will create new economic connections between the two countries.

The author is founding director of the Center for Strategic and Peace Studies at the China Foreign Affairs University. opinion@globaltimes.com.cn