Sino-US trade frictions cannot hinder Chinese economy

2018-04-17
Xinhua

BEIJING — Trade frictions between China and the United States cannot hinder a stable and resilient Chinese economy, an official from the National Bureau of Statistics (NBS) said on April 17.

The healthy and upward trend of the world’s second largest economy won’t be changed by the frictions, NBS spokesperson Xing Zhihong said at a news conference on China’s economic performance in the first quarter of the year.

“China is opening up on a higher level and commands much leeway in foreign trade,” Xing said, downplaying concerns trade frictions would damage China’s economy in the long run.

Meanwhile, supply-side structural reform and innovation campaigns have shored up the stability and resilience of China’s economy, and China is capable of handling risks and challenges to maintain consistent and healthy economic growth, Xing said.

Consumption has been the main driving force of China’s economic growth for the last five years and played an essential role in sustaining growth and mitigating external impacts, he said.

The country’s trade surplus has continued to narrow in recent years, with accelerating growth in imports which reflects robust domestic demand, Xing said.

NBS data released on April 17 showed China’s economy grew 6.8 percent year-on-year in the first quarter of 2018, with consumption contributing 77.8 percent, up from 58.8 percent last year.

“China still has significant latitude in foreign trade, and the growing competitiveness of Chinese companies will help maintain the balance of trade,” Xing said.