HEADLINE China never surrenders to outside pressure: vice finance minister

HEADLINE

China never surrenders to outside pressure: vice finance minister

By Lu Wen'ao, Qiao Wai and Qu Qiuyan | People's Daily app

19:37, April 04, 2018

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China has never surrendered to outside pressure, said China's Vice Finance Minister Zhu Guangyao, referring to the punitive tariffs the US imposed on China.

"We do not want a trade war because that will only bring losses to both sides," Zhu told a news conference on Wednesday."China has never surrendered to outside pressure."

Briefing the media on recent Chinese tariffs in retaliation to the US, Zhu also called on both sides to seek"constructive measures"to deal with problems and challenges so as to bring bilateral economic ties back to a healthy and stable track.

China on Wednesday unveiled a list of products worth $50 billion imported from the US that will have an additional tariff of 25 percent imposed on them, including soybeans, automobiles and chemical products.

The move was taken after the Trump administration announced a proposed list of products subject to a suggested additional tariff of 25 percent, which covers Chinese exports worth $50 billion.

"Self-willed and impulsive actions should not be used by both countries to address their economic ties that are so significant to the welfare of the Chinese and American people,"he said.

Zhu quoted Chinese Premiere Li Keqiang's as saying that"China is a responsible investor"when he was asked if China will reduce its US government bonds.

"China holds more than $3 trillion worth of US government bonds as foreign exchange reserves ... we respects the rules of the international capital market and has been operating by the same rules," Zhu said.

Wang Shouwen, anther vice minister of commerce, said"If someone starts a trade war, China will fight to the end, if someone wants to negotiate, the door is always open."

"We were forced to take countermeasures and we have reacted with restraint," Wang said."China is forced to hike tariffs worth $50 billion on US products, and China's response is a restrained one."

The China-US trade imbalance originated from the problems in the US economic structure, said Wang, adding that another reason is that the US needs to maintain its trade surplus to keep its international currency's position.

The third reason for the trade imbalance between the two sides is that the US has been imposing limits on exports of its advantaged industries to China, Wang noted.

The trade surplus is determined by the two countries'economic structure and industrial competition, not the governments, said Wang, in response to US President Donald Trump's request that China should reduce its $100 billion trade surplus to the US. 

Wang said that the"reckless and self-willed" actions will not solve the problem, and the frictions can only be settled through constructive dialogue and practical negotiations.

"Mutual understanding and accommodation are the premise of negotiations, rather than charging exorbitant prices,"Wang noted.

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