Published: Thu, March 16, 2017
Global | By Doris Richards

Beijing seeks to avoid trade war with Washington

The trade turnover between Russian Federation and China in 2016 grew by 2.2% to $69.52 billion.

Li said Americans stood to lose the most in a tug-of-war over between the world's top two economies, citing studies by overseas think tanks. "March data will be crucial as investors are anxious for any hint on whether the recovery is sustainable", said Linus Yip, strategist at First Shanghai Securities Ltd.

Li also said that China does not want to see a trade war between the world's biggest and second biggest economies.

China's economy is set to log steady growth and there is no scope for hard landing, Premier Li Keqiang said Wednesday.

European Council President Donald Tusk in February warned that, in the wake of Brexit and with growing nationalism, the EU faced the biggest challenges in its 60-year history, compounded by an assertive China, an aggressive Russian Federation and worrying declarations from U.S. President Donald Trump.

Chinese Prime Minister Li Keqiang said on Wednesday that the one-China policy will remain as the foundation of Sino-US relations and discussions are on about a meeting between Chinese President Xi Jinping and US President Donald Trump.

Trump swept to victory in the election last November on promises of ripping up and renegotiating the trade deals that the USA was involved in, specifically focusing on those involving China and Mexico.

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Trump had responded by insulting the federal magistrate, James Robart, calling him a "so-called judge". The mam is a USA citizen, has rights and would be prevented from seeing his mother-in-law, Chin said.

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Mr Barnier had suggested that a Brexit bill would have to be paid upfront before negotiations with the Brussels bloc began. It has been 262 days since Britain shocked the world by voting to exit the EU.

The Premier of State further highlighted that China will continue to open up to the world, even on a higher level. "We welcome other partners to share with us in the development opportunities of China".

"We may have different statistical methods, but I believe whatever differences we may have we can all sit down and talk to each other and work together to find solutions".

Trump threatened to upend decades of multilateralism and raised fears of a trade war with China while on the campaign trail.

"Given China's GDP has exceeded 74 trillion Yuan (about $11 trillion), the 6.5% growth this year does not mean the country's contribution will be coming down", Li said.

If Trump fulfils his threat to call Beijing a currency manipulator it could lead to trade sanctions.

Li said "diplomatic authorities of the two countries are already engaged concerning a face-to-face meeting" between the two Presidents, reported Xinhua news agency.

Li said Trump has "supported the principle" and that it is an unchanging policy for China.

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