US Trade Tensions Will Not Derail Chinese Economy, Commerce Ministry Says
Zhang Yushuo
/SOURCE : Yicai
US Trade Tensions Will Not Derail Chinese Economy, Commerce Ministry Says

(Yicai Global) Nov. 13 -- The China-US trade frictions have a limited impact on China's exports and imports, the commerce ministry said, adding that it may still be hard to beat the rapid growth of the fourth quarter last year.

China's foreign trade was seeking progress while maintaining stability in the first three quarters, the Ministry of Commerce and its research institution the Chinese Academy of International Trade and Economic Cooperation said in a foreign trade report published yesterday.

US President Trump's administration imposed 25 percent levies on imported steel and 10 percent on aluminum on March 23, and started a prolonged trade tariff standoff between China and the US, which has affected importers and exporters in both countries.

Success in the fourth quarter last year will have an adverse impact on the growth rate of imports and exports in the ongoing fourth quarter, according to the two public policy agents.

The international market demand is stable, and China's domestic import demand is growing steadily, the report said, adding that these are the basic conditions for China to maintain steady growth.

The report, however, predicted choppy trade conditions for the future. Next year, China will face a more severe and complex trade environment where risks of a global economic downturn are increasing, the report said, adding that protectionism threatens the steady growth of trade around the world.

In the future, China will reduce the burden on import and export firms, form new modes of trade, and strive to maintain steady, high-quality development.

Editor: Emmi Laine

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Keywords: China-US Trade Dispute