China doesn't want trade war with United States: commerce minister
12 March, 2018, 09:24 | Author: Diane Mills
While addressing a press conference, Chinese Minister of Commerce Zhong Shan said, "China, which produces half the world's steel, will assess any damage caused by the USA move and firmly defend its legitimate rights and interests".
"A trade war will only bring disaster to China, the United States and the global economy". China is not one of those nations.
In spite of the expected trade war between two nations, "We haven't halted economic dialogues and will continue the exchanges", the minister continued.
He noted that China's top economic adviser Liu He visited the United States recently and held "candid and constructive" talks with American officials on bilateral trade issues.
Should the situation worsen, however, Zhong said that China was more than ready.
The US trade shortfall in goods with China surged 8.1 percent during the first year of Trump's presidency, reaching a record $375 billion, according to Commerce Department data released last month.
Zhong said China has the ability to deal with "any kind of challenges" and the country will "decisively" protect the interests of the state and its people.
As China's exports surged in February its monthly surplus with the United States widened from a year earlier to $20.96 billion, according to data from the customs bureau.
Part of the reason for the trade gap, Zhong said, was that the United States had restricted hi-tech exports to China.
"We are still in talks, and we are sure that both sides will keep talking for the next step", he said.
The country will also work to promote the liberalization and facilitation of trade and investment along the Belt and Road, while carrying out major foreign aid projects including the Happy Home Projects, the Anti-Poverty Projects and the Health Recovery Projects, Zhong said.
It was Beijing's latest statement on "problems in Sino-U.S. economic trade and cooperation", alluding to President Donald Trump's plan to impose heavy tariffs on imported steel and aluminum.
Beijing has indicated it will implement retaliatory measures, such as by imposing tariffs on agricultural products imported from the United States.
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