China defiant amid new US trade war threats
China is prepared for battle in the trade and technology wars started by the United States and will maintain policies that can increase its competitiveness, Chinese state media said on Tuesday after the US unveiled its new tough trade approach.
On Monday, US Trade Representative Katherine Tai said in a speech that the US would “deploy all tools and explore the development of new ones, including through collaboration with other economies and countries,” to address the fundamental concerns related to China’s trade practices.
Tai will have a video call with Chinese Vice Premier Liu He within days, according to news reports.
The Chinese government has not yet commented on Tai’s speech but two hardline articles published by the Communist Party mouthpiece Global Times said China was willing to fine-tune its policies in terms of intellectual property, investment and trade balance but would not change the plan to boost its technological and innovative capabilities.
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Tai said China currently owned 60% of steel production and 80% of solar cell production globally through its “unfair” policies and had already spent at least US$150 billion, with more on the way, to establish a world-leading semiconductor industry by 2030.
https://asiatimes.com/2021/10/china-defiant-amid-new-us-trade-war-threats/
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