Author: Tronserve admin
Wednesday 28th July 2021 02:14 PM
China's Trade Rep Says 'External Pressures' Can Help Economy
Chinese media described Thursday that the country's top trade negotiator said "external pressures" could actually help the country's economy.
Vice Premier Liu He, speaking at a forum in Shanghai, illustrated the pressures that China is currently facing as an "inevitable test," as indicated by Hong Kong's South China Morning Post and mainland Chinese media outlets.
"The external pressure will help us improve innovation and self-development, speed up reform and opening up, and push forward with high-quality growth," Liu noted.
He did not exclusively reference the U.S.-China trade conflict, reported by the South China Morning Post. The U.S. has implicated China of stealing trade secrets and forcing American companies to transfer technology. China suggests the U.S. is attempting to stifle its economic development.
Each country has implemented higher import duties on billions of dollars of items from the other side.
Last month, the U.S. Commerce Department positioned Huawei on a list that effectively bans U.S. firms from selling technology to the Chinese tech giant without government authorization. China said this month that it will soon release its own list of "unreliable entities" comprised of foreign businesses, organizations and individuals.
Chinese Commerce Ministry spokesman Gao Feng told reporters Thursday that any foreign company that complies with Chinese laws, market rules and the spirit of contracts will not need to worry about the list.
Gao said the U.S. was dishonest in trade negotiations and went back on its word — something which the U.S. has also accused China of doing.
"If the U.S. wants to force China to yield through exerting maximal unilateral demand, it will really not succeed," he said.
Chinese state media suggested last month that the country's supply of rare earths — exotic minerals used in electric cars, mobile phones and other technology — may be used as a trade weapon. Based upon statistics from China's customs administration, rare earths exports were down 16% in May in comparison with the previous month.
Gao said variations in rare earth exports were the result of changes in the market, and that China has not adopted new measures for managing its rare earths.
This article is originally posted on manufacturing.net