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16:19, 04-Mar-2018
Trade war unwanted, but China prepared to react
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A spokesperson for the National People’s Congress (NPC) stressed that the last thing China wants is a trade war with the US, as he outlined priorities and commented on economic issues in a briefing Sunday.
“China and the US have socioeconomic differences and we are undergoing different stages of development. It is perfectly natural that we don’t see eye to eye on all matters,” said Zhang Yesui, drawing from his own knowledge of the relationship between China and its second largest trade partner, having served as China's ambassador to the US between 2009 and 2012.
“But that is not the reason for a full confrontation,” he said.
China and the US have been engaged in talks and consultations for the past few days, and have agreed to further discuss trade relations in Beijing in the near future, said Zhang. He noted that he hopes the two sides will approach the matter with a fair mind, and steer clear of misinformed judgment of strategic policies, which could deeply hurt relations.
/Reuters Photo.
/Reuters Photo.
“We don’t want to start a trade war, but we won’t just idly sit by and watch if Chinese interests are harmed,” he added.
China has repeatedly urged the Trump administration to show restraint when employing countervailing trade measures in the name of national security.
Foreign Minister Wang Yi on Saturday said that a US plan to impose sweeping tariffs on steel and aluminium imports are "unjustified," after nations such as France and Canada have responded with outcry.
Zhang also addressed questions on China’s progress in establishing a comprehensive set of tax laws by 2020, adding that the country's top legislature has much ground to cover in order to meet the target, as only six tax laws are now in place.
The nation’s pending property tax, which has long been expected and may offset a major change to an overheated property market, is currently in internal consultation, and the budget committee and the finance ministry are making efforts to accelerate the completion of a draft law for NPC review.