On Tuesday, the desire of Beijing to have a trade agreement with the United States due to the slowing economy was rejected by China and stating it was “totally misleading.” The suggestion came from U.S. President Donald Trump.
Trump indicated in a Monday tweet that the slowing economic growth in China is a piece of evidence that U.S. tariffs were having “a major effect” and warned that Washington on more pressure could pile.
Furthermore, China’s economic development was calm at 6.2% in the second quarter as official data showed. It was the weakest annual pace in at least 27 years, amid trade pressure from the United States.
In the first half, the economy increased by 6.3 percent compared to the year earlier.
Given the global economic ambiguity and slowing world growth and in line with outside expectations, Geng Shuang, the Chinese Foreign Ministry spokesman stated it was “not bad performance” referring to China’s first-half pace.
In a news report, Geng said, the stable growth of China was good for the world and also the U.S. economy.
In addition, he said, “As for United States’ so-called ‘because China’s economy is slowing, so China urgently hopes to reach a trade agreement with the U.S. side,’ this is misleading.”
Geng also indicated that China and the United States both want to reach a trade deal.
US-China Win-Win Deal
In the United States, many people strongly conflict the tariffs and the trade war.
Geng said, “I again call on the U.S. side to work hard with China, meet each other halfway, and based on mutual respect and treatment, strive to reach a mutually beneficial, win-win agreement.”
He also added, “This accord with the interests of both countries and is what the international community expects.”
Last month, a trade agreement between Trump and Chinese President Xi Jinping happened about another cease-fire in the year-long trade argument between the world’s two largest economies.
After the leaders met in Osaka, Japan, the trade agreement was announced. It is aiming to start over the delayed negotiations, but the process had no deadline set to conclude.
The Chinese tabloid Global Times published by the ruling Communist Party’s official People’s Daily, and Hu Xijin, the editor of the widely read tabloid, answered the to the tweet of Trump’s comment, questioning if it was “noble for a president to gloat.”
He tweeted, “6.2% is much higher than U.S. growth. Wait until U.S. growth hits 6.2% then laugh at China,”
He also added, “Chinese economic growth slows down because of restructuring. The credit doesn’t go to the White House.”
Premier Li Keqiang Discussed Proper Use of Counter-Cyclical Measures
In a news report on Tuesday, China’s Premier Li Keqiang indicated it would properly use the counter-cyclical measures and fine-tune policy in a pre-emptive way at the suitable time.
At a meeting, Li was quoted as he chaired with economists and entrepreneurs and indicating China will sustain the implementation of sensible monetary policy and proactive fiscal policy.
In the second quarter, China’s economic growth decelerated to 6.2%, its weakest pace in at least 27 years, as the increasing U.S. trade pressure weakened demand at home and abroad.
- Trading Instrument