Reuters reports that former Chinese finance minister Lou Jiwei said that trade frictions between the United States and China may not ease in the near term even if Joe Biden becomes president.

Lou made the remarks during the Caixin Summit in Beijing.

When asked about the outlook for the U.S.-China economic and trade relationship, the outspoken former minister Lou said: "Even if Biden is elected, the U.S. suppression of China will be inevitable."

Lou called for pragmatism in U.S.-China trade relations, saying it was difficult for Washington to cut its trade deficit, given the dollar's position as the dominant global currency.

"After four years, the trade deficit (with China) is still widening. We need to return to common sense and return to science. Everyone needs to be reasonable," said Lou.

But Lou said he would be cautiously optimistic about trade relations if Trump were to remain in office.