Chinese Authorities Recognise Impact of Disputes with the United States on the Economy

Sino-US trade and economic disagreements do have an impact on the Chinese economy, but this influence is under control, said Ning Jizhe, head of the state statistical office of the PRC, on Monday. 

“I must say that trade and economic differences do have an impact on the functioning of the economy, but this influence is generally under control,” Ning Jizhe said at a briefing at which the country’s economic indicators for 2018 were published. 

According to published data, China’s GDP growth in 2018 was 6.6%, which was the worst figure since 1990, but it coincided with the official forecast of the authorities. At the same time, the country’s GDP growth rates in the fourth quarter slowed down to 6.4% per annum. 

The official noted that trade and economic differences between China and the United States began to manifest themselves in the second quarter of last year, and the Chinese government took a number of measures to ensure the stability of the employment sector, the financial sector, foreign trade, foreign capital and investment. 

“If we look at it from the point of view of economic data, it is generally accepted that the fourth quarter, as a rule, is most influenced by the international situation. If we talk about trade and economic friction, they have an impact not only on the economies of China and the United States, but also to the entire global economy as a whole, “he said. 

At the same time, the head of the statistics bureau stressed that China’s domestic market has enormous potential, so trade friction with the United States cannot change the main vector of development of the country’s economy, which is highly resistant and resistant to shocks.

Tom Tompson

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