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China ’Ready To Deal with Any Fallout from US Trade Row’

China ’Ready To Deal with Any Fallout from US Trade Row’
folder_openAsia-Pacific... access_timeone year ago
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Local Editor

China is well prepared to handle any negative effects from its trade dispute with the United States, according to the Commerce Ministry.

China ’Ready To Deal with Any Fallout from US Trade Row’

The Chinese side further noted on Thursday that Beijing's tariff hikes on US imports will not have a big impact overall on its domestic industries.

It would be a miscalculation by the United States if its intention is to contain China's rise, ministry spokesman Gao Feng said at a regular media briefing in Beijing.

"If the US attempts to use protectionist trade policies to contain China's development and force China to make concessions even at the costs of companies' interests, it has taken a miscalculated step," Gao said.

In the latest escalations in the widening trade row, the US said this week it had banned American companies from selling parts to Chinese telecom equipment-maker ZTE for seven years, while China on Tuesday announced hefty anti-dumping tariffs on imports of US sorghum and measures on synthetic rubber imports from the US, EU and Singapore on Thursday.

A full-scale trade war between the world's two economic superpowers would hurt both Chinese and US exports and have a negative impact on growth in the two countries, as well as probably lead to collateral damage for other countries.
China's economy grew at a slightly faster-than-expected pace of 6.8 percent in the first quarter.

But a surprise move by China's central bank to cut the amount of cash that lenders must keep in reserves on the same day rattled investors who took it as a sign Beijing is worried about economic growth momentum.

Source: News Agencies, Edited by website team