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China's countermeasures to new U.S. tariffs reasonable: experts

(People's Daily Online)    09:28, August 27, 2019

China has made reasonable and restrained countermeasures facing the escalating trade frictions launched by the U.S., said Chinese experts on Aug. 25 in a group discussion on China-U.S. economic and trade relations.

On Aug. 23, the Customs Tariff Commission of China's State Council announced it would impose additional tariffs on $75 billion worth of U.S. goods. Cars and parts that have been taxed and then removed have also been returned to the tariff list.

China can fight this trade war to the end if necessary, according to the participants of the symposium held by the Chinese Academy of International Trade and Economic Cooperation (CAITEC) under the Ministry of Commerce.

The extreme measures imposed by the U.S. will fall flat on China, said Gu Xueming, director of the academy.

The bilateral trade disputes had a more significant impact on U.S. exports than Chinese. Statistics show that China remains the first choice of investment for the overwhelming majority of foreign companies, especially those in the manufacturing sector, Gu said.

U.S. actions have disrupted the international order, said Jin Xu, president of the China Association of International Trade. He added that the series of intensified moves made by the U.S. side have caused concern among U.S. customers and instigated several stock market slumps.

The consequences of levying higher tariffs on imported Chinese commodities will be taken by most customers and producers in the U.S., noted Li Wei, head of the research institute on the trade affairs with America and Australia at CAITEC.

Earlier, the yield curves of 10-year and two-year bonds were inverted. The U.S. Purchasing Managers' Index (PMI), an indicator of the economic health of the manufacturing sector, stood at below 50 percent in August. This proves that the U.S. hasn't reaped benefits by harming others, Li said.

At the symposium, Li restated China's stance on trade issues, saying that China doesn't want a trade war, but it's not afraid of one, and it will fight one if needed.

China is not afraid of a trade war as it has a large domestic market, late-mover advantages in technological innovations and an abundant reserve of talents, said Cheng Hui with CAITEC's Institute of Trade and Investment Security.

In the first half of this year, China's economy maintained a stable performance while securing progress. With enhanced stability and resilience, better development quality and effectiveness, China has confidence in the fundamentals of its economy and a sound and stable development facing the challenges and risks, Gu noted. 

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