China will use trade war with U.S. to replace imports - state media
SHANGHAI (Reuters) - China is not afraid of 'extreme measures' the United States is taking in their trade war and will use it as an opportunity to replace imports, promote localisation and accelerate the development of high-tech products, state media said. The People's Daily newspaper, which is published by the ruling Communist Party, made the comments in a front-page article in its overseas edition on Wednesday. The world's two largest economies dove deeper into a trade war on Tuesday after Beijing added $60 billion of U.S
SHANGHAI (Reuters) - China is not afraid of "extreme measures" the United States is taking in their trade war and will use it as an opportunity to replace imports, promote localisation and accelerate the development of high-tech products, state media said.
The People's Daily newspaper, which is published by the ruling Communist Party, made the comments in a front-page article in its overseas edition on Wednesday.
The world's two largest economies dove deeper into a trade war on Tuesday after Beijing added $60 billion of U.S. products to its import tariff list in retaliation for U.S. President Donald Trump's planned levies on $200 billion worth of Chinese goods.
"To deal with the trade war, what China really should do is to focus on doing its own thing well," the People's Daily said.
"(China) is not worried that the U.S. trade counter measures will raise domestic commodity prices by too much but will instead use it as an opportunity to replace imports, promote localisation or develop export-oriented advanced manufacturing," it said.
The Global Times tabloid, which is affiliated to the People's Daily, said the trade war was a chance to pursue greater global recognition of its financial markets and that it could open its A-share market more to listings by Western firms.
The United States has so far imposed tariffs on $50 billion worth of Chinese products to pressure China to make sweeping changes to its trade, technology transfer and high-tech industrial subsidy policies.
The new tariffs will begin on Sept. 24 and will increase to 25 percent by the end of 2018.
Beijing has retaliated in kind but some analysts and American businesses are concerned it could resort to other measures, such as pressuring U.S. companies operating in China.
Another Chinese state-owned newspaper, the China Daily, also said in an editorial on Wednesday the U.S. tactics would prove to be ineffective.
"China has always managed to find the proper solutions to put its economy back on track," the China Daily said.
"The trade conflict will not force China to succumb to US pressure. Instead, given its economic resilience, it will squarely face those challenges, find the right solutions, and emerge stronger," it said.
(Reporting by Brenda Goh; Editing by Paul Tait)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.