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China can overcome U.S. maximum pressure with steady economic growth: experts

BEIJING, Aug. 7 (Xinhua) — China can cope with the maximum pressure exerted by the United States with stable economic growth, experts said Wednesday.

The U.S. threat of imposing new additional tariffs will not only erode American consumers’ interests and drag down American economy, but bring new instabilities to the global economic climate, Wang Yiming, deputy director of the Development Research Center of the State Council, said at a symposium held by the Chinese Academy of Macroeconomic Research.

“It will eventually be the American consumers who pay the price,” Wang said, adding that the newly-proposed tariff hikes will stifle U.S. consumption, affect employment in the retail industry and increase downward pressure on the U.S. economy.

Holding similar viewpoints, Zhao Jinping, a researcher with the Development Research Center of the State Council, said the U.S. maximum-pressure will hinder the growth of the world economy and goes against the trend of the times.

Experts at the symposium believed that U.S.-triggered escalation of the trade frictions won’t halt the stable development of China’s macroeconomy.

Guo Chunli, deputy director of the Institute of Economic Research affiliated with the Chinese Academy of Macroeconomic Research, said China boasts strong growth momentum with upgrades to its economic structure, which will counteract the effects of the trade frictions.

Various new growth engines inject powerful impetus into the country’s high quality development, while the counter-cyclical adjustments create favorable conditions for enduring external shocks and boosting market confidence, Guo added.

Photo taken on Aug. 7, 2019 shows a symposium held by the Chinese Academy of Macroeconomic Research in Beijing, capital of China. China can cope with the maximum pressure exerted by the United States with stable economic growth, experts said Wednesday. The U.S. threat of imposing new additional tariffs will not only erode American consumers’ interests and drag down American economy, but bring new instabilities to the global economic climate, Wang Yiming, deputy director of the Development Research Center of the State Council, said at the symposium. Experts at the symposium believed that U.S.-triggered escalation of the trade frictions won’t halt the stable development of China’s macroeconomy.

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