(Yicai Global) July 6 -- The trade war that got underway today between the world’s two largest economies will have limited impact on China’s economy, according to a senior economist at the country’s central bank.
If the US imposed tariffs on USD50 billion of Chinese goods, 0.2 percentage point could be shaved off growth in China’s gross domestic product, the official Xinhua News Agency reported, citing an evaluation done by a research team led by Ma Jun, a member of the monetary policy committee of the People’s Bank of China.
The United States has ignited the largest trade war in economic history, China’s Ministry of Commerce said. The US slapped a 25-percent duty on USD34 billion of Chinese goods at the start of today.
Ma does not expect the conflict to affect the capital market or exchange rates. For industries that experience a relatively bigger impact, necessary countermeasures will be considered to reduce the impact, he added.
Editor: Emmi Laine