Commentary: China will withstand hard times of trade war
BEIJING, May 30 (Xinhua) -- Given China's well-designed economic plan, unswerving pursuit of high-quality development, and consistent opening-up, the Chinese economy will come through the challenges and risks brought by the trade war.
The United States has unilaterally escalated the situation, based on groundless accusations and unreasonable suspicions. However, faced with pressure from the United States, China's economy has enough confidence and resilience to defend itself.
Upholding a new vision for development, China has been highlighting innovative, coordinated, green, open and inclusive approaches in its economic development with emerging driving forces to keep steady economic growth.
For instance, China has been shifting its growth model to one relying more on consumption, which has contributed over 75 percent of China's GDP growth.
A total of 195 million domestic tourist trips were made during this year's four-day May Day holiday, which shows the consumption potential of China's market.
China's shift in the economic structure not only shields the country from the external challenges but also provides opportunities for the economies that are willing to cooperate fairly with China.
Those who expect a heavy blow to China's economy from the trade war will be disappointed to see that external pressure will fail to shake the country's sound economic fundamentals.
Thriving high-tech industries also added to China's resilience. Considering that the country has abundant industrial raw materials in store, there is enormous potential for China to develop high-end manufacturing industries.
By heavily investing in technological innovation, the city of Baotou, north China's Inner Mongolia Autonomous Region, has upgraded its rare earth processing industries. Instead of selling the materials at low prices, the city, home to over 80 percent of China's rare earth resources, can benefit far more from high-tech products made from rare earth.
In sharp contrast to the United States' protectionist moves, China has adhered to opening up to foreign investors, who have voiced their confidence in China. More than 13,000 foreign-invested enterprises were set up in China during the first four months this year.
It is worth noting that during the period, investment from the United States has increased by 24.3 percent year on year. The U.S. companies, whom the U.S. government claimed to protect, have made their stance clear.
The hard times caused by the trade war will not last forever, as with solid internal growth momentum and broad confidence from the outside, China will withstand any challenge and eventually triumph over trade bullying from the United States.
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