China-US trade war would only cause pain: commerce minister

  • China-US trade war would only cause pain: commerce minister

China-US trade war would only cause pain: commerce minister

"So by jointly developing the industrial park, China wishes to advance the Philippines modernization and industrialization", Zhong said in a press conference at the sidelines of the 5th session of the 12th National People's Congress in Beijing.

This was China's second warning against a possible trade war this week amid growing indications that Washington is determined to pursue a protectionist agenda.

"Many American and western friends think that China can't live without the United States but that's only half true", he added.

"A trade war will only bring harm and benefit nobody", said Zhong, pointing to the close economic ties between the two nations.

"At the same time, the United States can't live without China", Zhong said, adding that in the past 10 years, the growth of U.S. exports to China has outpaced the growth of Chinese exports to the United States.

He took the case of export statistics in the last decade, when USA exports to China grew "much faster" than those from China to the U.S. - the average annual growth of United States exports to China stood at 11 percent, while China's annual growth rate of USA exports was 6.6 percent.

"This clearly shows that China and America are very important to each other", he added.

In 2016, the volume of commodity trade between China and the USA reached $519.6 billion - 207 times higher than in 1979 when bilateral diplomatic relations were established.

Zhong Shan, who became China's minister of commerce in February, praised Ross for being "an excellent entrepreneur" and "an expert in negotiation".

China's Outbound Direct Investment (ODI) has grown quickly in recent years, with non-financial ODI soaring 44.1 per cent to Dollars 170 billion in 2016, official data showed, state-run Xinhua news agency reported. He said the government would step up regulation around such investments.