Beijing will use trade war to replace imports, promote local industry, accelerate development of high-tech industry: state media

Clearly not amused by Trump’s escalation of the trade war, China’s state-owned media tabloids have a positive stance that tries to exploit the trade war to Beijing’s advantage. It is to be seen whether China is willing to walk the talk.

On Wednesday, according to a front page article in China’s People’s Daily, Beijing will use the opportunity provided in the escalating trade war to promote local industry, replace imports and accelerate the development of high-tech products.

The newspaper is published by China’s ruling Communist Party.

“To deal with the trade war, what China really should do is to focus on doing its own thing well,” said the People’s Daily.

It goes on to read, “(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 localization or develop export-oriented advanced manufacturing”.

According to another report appearing in the Global Times, which incidentally is affiliated to the People’s Daily, the trade war is an opportunity in disguise since it presents China an opportunity to pursue greater global recognition of its financial markets; it could also enable China to open its A-share market more to listings by Western firms.

In the editorial of yet another Chinese state-owned newspaper, the China Daily stated the U.S. strategy would prove to be ineffective.

“China has always managed to find the proper solutions to put its economy back on track,” reads an article from the China Daily.

“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.

Categories: Creativity, Economy & Finance, Entrepreneurship, Geopolitics, HR & Organization, Regulations & Legal, Strategy

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