China's Ministry of Commerce (MOC) said Thursday that the U.S. action against China's leading telecom equipment maker ZTE Corp will damage itself.
"The action targets China, however,it will ultimately undermine the United States itself," MOC spokesperson Gao Feng told a press conference.
The United States will lose tens of thousands of job opportunities, while hundreds of related U.S. enterprises will also be affected, he said.
The act has fueled widespread concerns over U.S. investment and business environment, Gao said. "We hope the United States don't fancy itself clever, or it will only reap the bitter fruits from what it has sown."
There have not been any bilateral talks over trade frictions between China and the United States, China's Ministry of Commerce said Thursday.
The United States submitted a file to the World Trade Organization on April 17 claiming that they are willing to negotiate over the trade dispute with China.
The impact of Sino-U.S. trade frictions on China's balance of international payments is "overall controllable," an official with the country's foreign exchange regulator said Thursday.
There will be no change to the situation that China's international payments under the current account are becoming more balanced and remain in a reasonable range, Wang Chunying, spokesperson for the State Administration of Foreign Exchange, said at a press conference.