China will not bow to pressure and its economy can cope with higher tariffs imposed by US President Donald Trump, China's commerce minister said on Thursday.
Wang Wentao added that “there are no winners in a trade war.”
Speaking at the annual session of the National People's Congress, Mr Wang reiterated Beijing's insistence on negotiations.
Coercion and threats are doomed to failure, he said, because China's status as a key trading partner for 140 countries means it has plenty of alternatives.
Mr Wang and other officials outlined Beijing's plans to develop the economy and financial markets but did not announce any major new initiatives.
The Trump administration has twice increased tariffs on imports from China since he took office in January.
China has responded by imposing tariffs and other restrictions on American goods and companies. Mr. Wang said China expects mutual respect in its dealings with other countries.
“Coercion and threats will not work on China and will not frighten it. China's determination to defend its interests is unwavering,” Mr Wang said, adding that “there are no winners in a trade war.”
“If the American side continues down this wrong path, we will respond in kind,” he said. “We will fight to the very end.”
However, he stressed that China is open to resolving trade differences.
“Our sides can meet at an appropriate time and our teams can start communicating as soon as possible,” he added.
Blaming China for the US fentanyl problem – the reason Mr Trump said he was imposing 20 per cent tariffs on all imports from China – will not solve the underlying problem, he said.
Mr. Wang noted that China is a major trading partner of 140 countries and regions and has free trade agreements with more than 30 countries.
“We are ready to sign more free trade agreements,” he added.
Mr Wang noted that Chinese exporters face serious challenges, but said Beijing was encouraging companies to participate in trade shows and expand their international presence.
The Chinese government is also increasing financial support for export credit and aiming to boost trade in services and e-commerce.
“We don't put all our eggs in one basket,” he said.
Sourse: breakingnews.ie
