But it seems that the pessimism about the Chinese economy is not enough. There is also the nonsense of pretending that China's economic statistics are all "fake numbers."

People should come to their senses. They are dealing with an economy that has become one of the main pillars of the international monetary system. China's economic structure, policies and performance are regularly examined by the International Monetary Fund, various other United Nations agencies and the Organization for Economic Cooperation and Development.

When someone says China's economic and financial numbers are "fake," they are saying that all of those organizations — where the U.S. is a ranking member and a principal player — are enablers of Beijing's official misrepresentations.

Think of it. How would that be possible?

Now, with respect to the U.S.-China trade deal itself, here is what's at stake.

According to U.S. Bureau of Economic Analysis figures, American goods exports to China amounted to a total of $102.5 billion while China's goods exports to the U.S. came in at $447 billion in the first 10 months of last year. That gave China a huge advantage of a $344.5 billion trade surplus, a number that accounts for nearly one-half of America's total trade gap.

Big deal? Yes and no.

Such a totally and systematically unbalanced bilateral trade relationship must be corrected. Both countries recognize that. The only problem is that Washington and Beijing don't seem to agree on a mutually acceptable procedure to reach the necessary trade adjustment.

The logic and the urgency of the matter would call for an immediate, sustained and large increase of U.S. sales to China, and a similar decline of Chinese exports to America. To support that process, China should broaden market access to American firms and respond to American complaints about allegedly market-distorting trade practices, such as export subsidies, illegal acquisitions of intellectual property, forced technology transfers and more.