Beijing: The main Chinese leaders were committed on Friday April 25 to intensify support for the economy and oppose “Unilateral intimidation” In world trade, offering a veiled reprimand of rates raised recently imposed by US President Donald Trump.
The two largest economies in the world are engaged in A trade war with tit-for-tat issues This has frightened the markets and prompted major manufacturers to reconsider the supply chains.
During a rally of the first decision -making body of the Chinese Communist Party, focused on economic work and assisted by President Xi Jinping, the leaders acknowledged that “the impact of external shocks increases,” reported the Xinhua press agency.
They also said that they would seek to “work with the international community to actively maintain multilateralism and oppose unilateral intimidation practices,” said Xinhua.
The brutal trade war comes as the Chinese economy is supported under the weight of longtime misfortunes in the real estate sector and the reluctance of consumers to remove their portfolios.
Politburo's meeting has seen managers discuss a range of internal economic issues, stressing the need to “improve the role of consumption in stimulating economic growth”, according to Xinhua.
They also called for an action to increase income and “vigorously develop the consumption of services”, as well as the implementation of key cuts at “appropriate time”.
Economists say that the Chinese economy will have to depend more on domestic consumption in order to support growth in the coming years.
Beijing is targeting annual growth this year of five percent, although experts consider that this objective is ambitious.
Last year, China saw record exports, providing a key source of economic activity while the domestic challenges in the real estate sector and the deflationary pressure persisted.
Since his return to White House in JanuaryTrump slapped most business partners with 10% prices.
But China has received the Blitz worst, many products from the country are now faced with a 145% price. Beijing responded with New tariffs of 125% of itself on American goods.
