China has confidence to cope with any form of protectionist acts: MOC

Xinhua
China's Ministry of Commerce said on Thursday that China is confident it will be able to react against any form of trade or investment protectionist act.
Xinhua

China's Ministry of Commerce said on Thursday that China is confident it will be able to react against any form of trade or investment protectionist act.

Gao Feng, spokesperson for the MOC, made the remarks in response to a question about how China would be effected by the US government plan to slap tariffs on about US$50 billion of Chinese imports and restrict Chinese investment.

Trade with the United States, valued at about US$580 billion, accounted for 14.1 percent of China's total foreign trade. China's investment in the country, valued at about US$7.8 billion, accounted for 6.5 percent of its total non-financial outbound investment, Gao said at the press conference.

The United States' tariff proposals on imported steel have the risk of triggering a chain effect and spreading protectionism across the world, Gao said.

"The bad practices of the United States are like opening Pandora's box," Gao said, when asked to comment on the trade remedy measures or investigations recently taken by the European Union and Japan.

Excess production capacity is a global issue and therefore needs all countries work together, Gao said.

"The solution is not to close doors, but to open them, deepen cooperation, and make use of respective advantages to increase common interests," he stressed.


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