China on Thursday vowed fighting a trade war with the United States, as Washington’s tariff bounced the global economy and threatened to hit the growth of Beijing.
Beijing set an ambitious annual development target of about five percent this week, which describes domestic demand as its main economic driver as it is exported as a growing trade confrontation with the United States.
US President Donald Trump imposed more blanket tariffs on Chinese imports after a similar step last month – Levi expected to hits hundreds of billions of billions of dollars in total trade between the world’s two largest economies.
Commerce Minister Wang Wonto warned that the US tariff threatened to “disrupt the stability of the global industrial supply chain and interrupt the development of the global economy”.
“If the United States continues this wrong path, we will fight till the end,” he told reporters, called “unilateral and bullying” by Washington.
China’s top economic planner Zheng Shanji admitted that “uncertainty in the external environment is increasing further”.
But, he said, China has “full confidence” that it can reach its development target this year.
Zheng said, “We have the basic support and guarantee of achieving this year’s development target to achieve the development target of about five percent,” the annual “two sessions of Beijing speaking with Wang on the occasion of political meetings.
“We are also facing some problems – such as insufficient domestic demand, production and operations in some industries and some enterprises, Zheng said.
“However, we feel that these difficulties and challenges … all can be overcome and solved”.
Spend to expand
China’s headline growth figure announced by Premier Lee Kiang on Wednesday at an annual Communist Party Conclave was roughly in line with the AFP survey of analysts.
But experts say that it is ambitious given the scale of China’s economic challenges – and expecting that officials will unveil further economic support this week.
On Thursday, Central Bank head PAN Gongsheng said that the country would “appropriately cut interest rates” based on domestic and international economic and financial conditions this year.
The Central Bank of Beijing cut two major interest rates in historic offering in October.
Finance Minister Lan Foan vowed to “expand” fiscal expenses in 2025 on Thursday.
He said, “will promote” permanent and healthy development of economy and society “.
As a frequent debt crisis in domestic consumption flags and vast property sector, China has struggled to achieve its legs since the Kovid -19 epidemic.
The latest round of Trump’s tariff has deepened the challenges.
Beijing on Tuesday announced its own measures in vengeance of Washington’s latest tariff hike and vowed that it would fight a business war for “bitter end”.
The move will see that China will implement a levy of up to 15 percent on a series of US agricultural products, including soybeans, pork and wheat starting from the beginning of next week.
(Except for the headline, the story has not been edited by NDTV employees and is published by a syndicated feed.)
