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Sheng Songcheng, former director of the Bureau of Investigation and Statistics of the Central Bank of China, said that the increase of tariffs imposed by the United States had failed to narrow the trade deficit in goods with China because of the diversification of China's export structure, the enhanced endogenous momentum of economic growth, the adequacy of domestic macro-economic and financial control tools, and the intensification of further opening-up, which made it difficult to change the trend of China's steady economic development.
China's First Finance and Economics Wednesday quoted him as saying that the Sino-US trade frictions should be viewed rationally, that China's market should remain a hot spot for global capital investment, that is, to maintain its determination, to promote structural adjustment and to stimulate the vitality of market players.
"Facts show that the US imposed tariffs on Chinese goods has failed to narrow the US trade deficit in goods with China." He added that "the actual impact of tariff increases in the United States may be even smaller and should be viewed dynamically and dialectically."
He cited data that although the United States had begun to impose tariffs on some Chinese goods since the second half of 2018, 419.2 billion dollars of the United States trade deficit in goods came from China in 2018, an increase of 12.2% from 373.6 billion dollars in 2017.
"China's economic and financial macro-control tools are adequate, space is sufficient, and further opening up is intensified. China's market is still a hot spot for global capital investment." "Therefore, it is difficult for the United States to change the steady development trend of China's economy by imposing tariffs. What we need is to maintain our strength, enhance our endurance and be brave in overcoming difficulties," he said in the article.
According to the data, the proportion of the US in the total foreign trade of China began to decline, and the characteristics of China's foreign trade diversification were more obvious. The EU and ASEAN increased their share in China's total trade volume, and China's total imports and exports to the countries along the belt and road were 2 trillion and 730 billion yuan, an increase of 9.1%, which is 4.8 percentage points higher than the national overall import and export growth rate.


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