China’s manufacturing industry, with its strong resilience and space for maneuver, has the confidence and ability to cope with challenges and risks, Chinese regulator said amid the escalated trade frictions between China and the US.

Miao Wei, Minister of Industry and Information Technology, made the remarks during an exclusive interview with People’s Daily after Washington declared to impose 10 percent tariffs on $200 billion worth of Chinese imports this Monday.

“The added value of industrial enterprises above the designated size grew 6.5 percent year on year in the first 8 months this year,” Miao noted.

The manufacturing sector whose added value accounted for 85 percent of the industrial figure, registered a growth of 6.8 percent in the same period, over-fulfilling the task set earlier this year, the minister said.

In addition to growth, enterprises also posted better profits that were increasing in double digits, Miao further introduced.

A major highlight of China’s industrial economy is that the growth of high-tech manufacturing outran that of the general industry, Miao told People’s Daily, elaborating that value added of the high-tech manufacturing was up 11.9 percent in this period, 5.1 percentage points higher than the general figure.

The electronic equipment, as well as electrical machinery and apparatus registered double-digit growth, he added.

According to Miao, the steady pickup in growth of investment in manufacturing was another highlight. The investment grew 7.5 percent year on year in the first eight months, 3 percentage points higher than the same period in 2017.

Private investment in manufacturing was up 8.6 percent in the same period, 4 percentage points higher from a year ago, which Miao said is the fastest growth for investment in manufacturing since March 2016.

In addition, China’s manufacturing sector was further opened to the outside world, the minister said, explaining that this year, China lowered market access for foreign manufacturers of automobiles, ships and aircraft, and released a timetable of wider market access.

China also released a guideline for further openness, and largely reduced import tariffs of industrial products, making new achievements in opening up.

Miao said that China ranks the first in the world in terms of manufacturing volume after years of development, adding that Chinese enterprises have embarked on the path of innovation-driven development thanks to the country’s relatively complete industrial chain.

New industries, such as mass customization and service-embedded manufacturing, are emerging in China because of the integration of traditional manufacturing and information technology, he introduced, saying it has endowed the manufacturing industry with huge potential.

“We missed the previous industrial revolutions, so we must take the opportunity in the new round of revolution and solve the problems occurred in our development, to help Chinese manufacturing move toward higher end on the industrial chain,” the official stressed.

Describing the foreign reports that China was making a 10-year plan to replace the US in 10 major industries as total misinterpretation, he explained that China is generally 30 years left behind by the US in technology and manufacturing development.

He further pointed out that China and the US should compete in development rather than mutual accusation, saying to enhance cooperation and work for win-win results is the only way to success.

History has verified that no country is able to seek for its own development with its doors shut, the minister remarked, adding that opening is the only constructive solution.