Published: Mon, March 05, 2018
Global | By Craig Ferguson

China hints at retaliatory steps for United States tariffs

China hints at retaliatory steps for United States tariffs

China's Vice Foreign Minister Zhang Yesui, spokesman for the National People's Congress, held a press conference Sunday, a day before the opening session of the annual legislative meetings. While that's about one-quarter of USA outlays, the Stockholm International Peace Research Institute estimates that China's actual spending is about 55% more than the officially stated figures.

China said the amendments are "conducive" to the modernization of its socialist model, to mirror the charters of the Communist Party and the People's Liberation Army, both also headed by Xi Jinping, the country's president. "A stable and growing relationship will not only serve the fundamental interests of both the peoples and it is also the what the worldwide community wants to see", Zhang, a former Chinese Ambassador to United States, said.

Reforms should focus on "international rules that have fallen behind the times and no longer align with the shared aspirations of all nations", he said.

But this year, Zhang Yesui, a former vice-foreign minister, who took over as the spokesman of the NPC did not reveal any percentage of increase though he defended the steady rise of China's military expenditure, saying it is consistent with China's rise.

Last year, China's military budget rose 7.1% to 1.044 trillion yuan ($160 billion), the slowest pace since at least 1991.

"Chinese businesses care about local sustainable development and have actively fulfilled their social responsibilities", he said, noting that in many cases, investment from China facilitates efforts of host countries to build their own industrial system.

"If we take a look at the share of defence budget in China's GDP or national fiscal spending and also per-capita term, China's defence input is still lower than many countries".

"China proceeds from a defence policy that is defensive in nature".

Trump believes the tariffs will safeguard American jobs, but many economists say the impact of price increases for users of steel and aluminium, such as the auto and oil industries, will destroy more jobs than curbs on imports create.

The World second biggest economy, China has warned the United state of America that they are ready to hit back at them if the USA tries to harm its economic interests.

"What's alarming is not the non-reporting of largely fictitious defense spending figures so much as the Chinese leadership is shedding even the pretense of being open about its military plans, " Jennings said in an e-mail.

Asked about proposed revisions to the constitution, particularly the Communist Party's plan to remove the presidential term limit, trade tensions with the United States and the Korean peninsula situation, the 64-year-old kept to the official script.

Infrastructure connectivity building has yielded early harvests, policy communication is going deeper, cooperation mechanisms are being strengthened and collaboration is unfolding across the board, Zhang said.

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