People’s Daily: Pessimism on trade war is unfounded
People's Daily Online |
Updated: 2018-10-22 09:13
As trade frictions between China and the US escalate, China has won backing from many countries as it defends free trade and multilateralism, People’s Daily said. Fears by some people in China that the conflict will set back the country’s development are unfounded, it said.
China and the US have economic ties that are highly complementary in their structures and benefits, and the trade war will inevitably have some impact on China’s economy, but that impact is controllable. Domestic demand has become the main driver of China’s economic growth.
Chinese foreign trade and economic collaboration does not depend on any one country or region. The US is China’s largest trading partner, but not its only one. Since China’s accession to the World Trade Organization in 2001 it has deeply integrated into the world economic chain, becoming major trading partner of more than 120 countries and regions.
The pessimists exaggerate not only the short-term impact of a trade war, but also ignore the strong economic potential that China’s 40 years of economic reform and opening-up has created. The country’s long-term sound economic fundamentals are a stabilizer against external shocks and risks.
As trade frictions between China and the US escalate, China has won backing from many countries as it defends free trade and multilateralism, People’s Daily said. Fears by some people in China that the conflict will set back the country’s development are unfounded, it said.
China and the US have economic ties that are highly complementary in their structures and benefits, and the trade war will inevitably have some impact on China’s economy, but that impact is controllable. Domestic demand has become the main driver of China’s economic growth.
Chinese foreign trade and economic collaboration does not depend on any one country or region. The US is China’s largest trading partner, but not its only one. Since China’s accession to the World Trade Organization in 2001 it has deeply integrated into the world economic chain, becoming major trading partner of more than 120 countries and regions.
The pessimists exaggerate not only the short-term impact of a trade war, but also ignore the strong economic potential that China’s 40 years of economic reform and opening-up has created. The country’s long-term sound economic fundamentals are a stabilizer against external shocks and risks.
