CHINA China to use counter-tariff revenue to help companies harmed by Sino-US trade friction

CHINA

China to use counter-tariff revenue to help companies harmed by Sino-US trade friction

By Wang Yi | People's Daily app

22:39, July 09, 2018

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China's Ministry of Commerce spokesperson Gao Feng (File photo)

China will take a set of measures to alleviate the damages to companies that suffered from Sino-US trade friction, said Gao Feng, spokesman for China’s Ministry of Commerce, on Monday. 

"China has taken full account of the substitutability of the imports which are included in the counter-tariff list, and also considered the general influence on trade and investment,”Gao said.

The US implemented tariffs on $34 billion worth of Chinese imports on July 6, so China had to implement necessary countermeasures, he noted.

China will continue to evaluate the impact on companies of every variety. The earnings from the counter-tariffs will be mainly be used to offset the impact on companies and their employees, said Gao.

China encourages companies to adjust their purchasing habits and buy soybeans, soymeal, seafood and autos from other countries and regions, Gao noted.

He added that China will speed up the implementation the State Council’s circular on measures to effectively utilize foreign investment and promote high-quality development of the economy, and to strengthen the protection of companies’ lawful rights, creating a better investment environment.

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