(ECNS) - Ren Zhiwu, head of high-tech at the National Development and Reform Commission, told a news briefing that China's emerging industries are still booming despite a complicated international trade environment.
Ren said United States tariffs on Chinese high-tech products will have an impact on related industries in both countries.
But he emphasized that the trend towards globalization, innovation, cooperation and development will not be stopped and that the industrial chain is increasingly globalized.
The impact of U.S. tariffs on Chinese products will be felt up- and downstream in the industrial and value chain, finally hitting companies and buyers in the US and other countries, said Ren.
He noted two main factors that underpin the rapid growth of China's emerging and high-tech industries – the country’s active integration into the international innovation network and advancements in industrial and consumption growth domestically.
In the first seven months, actual use of foreign capital in China's high-tech industry increased by 7.5 percent year-on-year, indicating deeper cooperation between enterprises, it was said.
China will continue to implement its innovation-driven development strategy, stimulate the vitality of mass entrepreneurship and innovation, and create conditions for international companies to benefit from China’s growth, Ren confirmed.