(Yicai Global) July 24 -- Trade friction between China and the US will have a bounded impact on China's industrial development, an official from the manufacturing ministry said.
Those sectors that rely on exports, such as machinery and electronics in coastal China, will surely be affected, but the fundamentals of the whole industrial development will remain unchanged, Huang Libin, a deputy director at the Ministry of Industry and Information Technology said at a press conference on Tuesday.
Economic data from the first six months this year show that the trade friction has a reduced general impact because the degree of dependence upon foreign trade has significantly declined, Huang said, adding that the country's economic growth is already attributable to the domestic demand.
China is unwilling to fight a trade war as it is a no-win situation and may break the global value chain. But China will firmly defend its key industrial benefits, Huang concluded.
Editor: Emmi Laine