China vows to fight back if U.S. escalates trade spat

China vows to fight back if U.S. escalates trade spat

China vows to fight back if U.S. escalates trade spat

Indirectly responding to this, Xi said that China would not try to subvert the current global system and that China was a defender of the worldwide order. "The Chinese market has great leeway, strong growth impetus and resilience", said Wang Changlin, vice president of the Academy of Macroeconomic Research of the National Development and Reform Commission.

The trade imbalance between the two countries is structural, with China exporting more commodities to the United States while importing more services, according to Minister of Commerce Zhong Shan.

The US State Department also hailed Xi's remarks.

In a move to further force China to lower the billions of goods trade surplus running with the U.S., Trump unveiled tariff representing about $50 billion of technology, transport and medical products early this month, drawing an immediate threat of retaliatory action from Beijing. For instance, lowering import duties on cars will benefit relatively few USA companies, most of which already produce and ship their vehicles from within China. Xi did say that China would liberalize restrictions on investment in the auto sector by the end of the year, and the deadline was new. "Xi delivered a masterful, carefully framed, conciliatory response to Trump", Collier said.

World markets rallied after Xi pledged at an economic forum to lower auto tariffs, protect intellectual property and take other steps to open China's economy "wider and wider".

Washington is accusing Chinese firms of stealing the trade secrets of United States companies and forcing them into joint ventures to acquire their technology - the crux of Trump's current tariff threats against China.

Washington accuses Chinese firms of stealing the trade secrets of US companies and forcing them into joint ventures to acquire their technology - the crux of Trump's current tariff threats against China. Beijing has retaliated by proposing $50 billion of tariffs on American goods, and pledging further action if necessary.

Even as China's trade surplus narrowed overall in the first three months of the year, its surplus with the USA surged 19.4 percent to $58.25 billion from a year earlier, customs data showed on Friday.

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China imported 1.22 million vehicles a year ago, or about 4.2 percent of the country's total sales of about 28.9 million automobiles.

But the sudden spike in trade tensions with the United States is clouding the outlook for both China's "old economy" heavy industries and "new economy" tech firms alike.

He said China will continue opening its markets based on its own plans and implement lower tariffs pledged by Xi as soon as possible. "China will not carry out any negotiation under one-sided coercion".

One of China's key industrial policies is aimed at replacing foreign technology with domestically made components and establishing Chinese companies as global champions.

The White House remarks came after Trump praised Xi for his remarks.

Xi's comments, while offering little, may still be enough to tamp down escalating rhetoric.

Pledges on autos and IP were accompanied by a promise to push through reforms in the financial services industry, which would open up to more foreign participation - reforms first announced previous year.

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