Exchange Rates in RMB Aug
Exchange Rates in RMB August 28 2018
100 units of foreign currencies
USD 685.08 HKD 87.27
EUR 797.77 JPY 6.1625
GBP 881.82 AUD 502.94

   

   

You are in: Home | Free News

China doesn't want trade war with U.S.: commerce minister

2018-03-12 05:24:59

China doesn't want trade war with U.S.: commerce minister

 

Source: Xinhua| 2018-03-11 11:53:15|Editor: Liangyu

 

Chinese Minister of Commerce Zhong Shan answers questions at a press conference on opening up

on all fronts and promoting high quality development of commercial business on the sidelines of

the first session of the 13th National People's Congress in Beijing, capital of China, March

11, 2018. (Xinhua/Li Xin)

 

BEIJING, March 11 (Xinhua) -- China doesn't want a trade war with the United States and will

not start one, but can handle any related challenges and will defend national and Chinese

people's interests,Minister of Commerce Zhong Shan said Sunday.

 

Trade wars leave no winners, only disastrous outcomes for the two countries and the rest of the

world, Zhong told a press conference on the sidelines of the first session of the 13th National

People's Congress.

 

The United States side formally declared to impose 25 percent tariffs on steel imports and 10

percent on aluminum Thursday, with initial exemptions for Canada and Mexico, saying such

results could be made for other countries through negotiations.

 

Zhong pointed out that different statistical methods widen U.S. trade deficit with China by

around 20 percent, citing the research of a joint work group tracking and comparing the two

countries' trade figures.

 

China's trade surplus with the United States grew 13 percent year on year to 1.87 trillion yuan

last year, official data showed.

 

Trade imbalance between the two countries is structural, with China exporting more commodities

to the Unites States while importing more services, Zhong said, adding that trade

competitiveness is determined by industries.

 

U.S. control of high-tech exports to China also contributed to bilateral trade imbalance, Zhong

said, quoting one U.S. research report which estimated a 35-percent fall in trade deficit with

China if the United States relaxed export restrictions.

 

Zhong said the two countries have different demands in opening up markets in financial,

telecom, automobile, produce and other sectors due to different national conditions.

 

Different views on Internet security and intellectual property rights also impact bilateral

trade and investment, he added.

 

The two sides haven't halted economic dialogues and will continue the exchanges, the minister

stressed.

 

Liu He, a senior Chinese economic and financial official met with U.S. officials earlier this

month and they have agreed that the two countries should settle their trade disputes by

cooperation rather than confrontation.

 

The two sides also agreed to talk about related issues in Beijing in the near future, aiming to

create conditions for further cooperation.

 

"It's a good thing. No one wants a trade war and it serves nobody's interests," Zhong said.

 

China would like to solve differences via cooperation and seek win-win outcomes to benefit the

two countries and help stabilize global economy, he added.