China hints at retaliatory steps for United States tariffs
China hints at retaliatory steps for United States tariffs
Chinese President Xi Jinping | Source
08 March, 2018, 02:11
Others were more alarmed at this latest development.
Zhang Yesui, spokesman of China's Parliament, the National People's Congress (NPC), said China does not want a trade war with the United States but would take necessary measures if America's move impacts its economic interests.
The Communist Party of China and the nation have undergone important and profound changes for more than a decade since 2004 when the Constitution was amended.
"We will be bolder in reform and opening up", said Li in a nationally televised speech to almost 3,000 delegates to the ceremonial legislature in the Great Hall of the People. The five-term for the presidency starts this month. "Now the power consolidation is close to completed".
The growth target officially is a basis for planning instead of a promise about how the economy will perform, but allowing activity to dip below that level could erode public confidence and make investors skittish. Real growth came in at 6.9 percent but that was supported by a boom in bank lending and real estate sales that regulators are trying to rein in amid concern about debt that has soared to 270 percent of economic output.
At the same time the government is continuing with capacity cuts (and no doubt later this year in early Winter production curbs) in steel and coal mining. The United States and the European Union complain that surplus of Chinese steel and aluminum flooding into global markets depresses prices and threatens jobs.
Li also said China will improve supervision over shadow banking, internet finance and financial holding companies, and step up risk controls at financial institutions. It was unclear how that might affect China's annual output of about 800 million tons. That indicates a desire to cut government spending this year.
The cuts had no impact on economic growth in 2017.
"China is a strategic competitor using predatory economics to intimidate its neighbors while militarizing features in the South China Sea", the strategy said.
Xi said the system is new because it combines Marxist political party theories with China's reality, and truly, extensively and in the long term represents fundamental interests of all people and all ethnic groups and fulfills their aspiration, avoiding the defects of the old-fashioned party system which represents only a selective few or the vested interest.
There are about 3,000 delegates to China's National People's Congress, and theoretically they can vote any way they want.
"It seems a highly tactical move, and one where those who were likely to be supportive were selected and recruited into the proposed change, creating a sense of consensus, and those likely to oppose it were kept out of the loop", he said.
The Chinese system is new, Xi said, also because it pools ideas and suggestions through institutional, procedural, and standardized arrangements and develops a scientific and democratic decision making mechanism.
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