(ECNS) - The impact of Sino-U.S. trade friction on China's industry was limited in the first half of the year, said Huang Libin, spokesperson of the Ministry of Industry and Information Technology.
Some U.S. clients requested Chinese companies suspend execution of orders and shipments following the Trump administration’s tariffs on Chinese exports, but the effect on China’s overall industrial economy was limited, if there was any impact at all, said Huang.
The U.S. tariffs may have a greater impact on the coastal provinces, machinery and electronics industries, and exporting companies, but will not affect the fundamentals of industrial development in China.
More time is needed to estimate the real impact after the U.S. levied tariffs on $34 billion worth of Chinese imports in July, said Huang.
He also said China has been pushing the transformation of economic development from excessive dependence on investment and exports to growth driven by domestic consumption, so dependence on foreign trade is constantly decreasing.
China currently has a complete manufacturing industry, advanced industrial chain and high-quality technical workers, so it will retain its comparative advantages in the world market, it was added.
China has sufficient market space and policy leeway as well as institutional advantages to cope with the impact of economic uncertainties, said Huang.
