Published: Tue, April 17, 2018
People | By Leon Thompson

China Fends Off Trade Trouble With 6.8% Growth

China Fends Off Trade Trouble With 6.8% Growth

India today said it would not take sides in the ongoing trade spat between U.S. and China amid differences with Beijing over its controversial Belt and Road Initiative (BRI). Maybe India can substitute for something like soybeans and sugar if we could have access to those exports with all the due quality considerations for that you might have on our farmers. Both, Kumar and He led the India-China SED here which broadly covers various aspects of economic and trade relations between the two countries.

The meeting took place amid growing rapprochement between the two countries after the standoff.

For the last decade, about 20 percent of China's exports have been ferried to the USA, according to Moody's Investors Services, which forecasts a material macroeconomic impact if Trump makes good on his threats with the consequences vibrating beyond China's end exporters and deep into the economy.

US President Trump is ramping up pressure on China to cut the Dollars 375 bilateral billion trade deficit.

China's sustained growth shows the economy has remained resilient even as Beijing kicked its war on pollution into a high gear during the winter months by cutting production for many steel smelters, mills and factories. "We don't want that", Kumar said, adding that the U.S. and China being the world's top two economies are giants. "But this is marred and disrupted by unseemingly protectionist noises that are coming out from the Atlantic basin from North America and Europe", he said.

"The economic performance continued to improve and the economy was off to a good start". "We are the takers of the rules than makers", he said.

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China has set a growth target of "around 6.5 per cent" this year, much lower than the expansion of 6.9 per cent posted in 2017, as it aims to defuse risks in its financial system and upgrade domestic industries by curbing overcapacity and encouraging innovation.

"Major take away for India was that China has expressed interest in joining the International Solar Alliance mooted by India", Kumar said. Kumar also made a strong pitch for Chinese investments specially in Prime Minister Narendra Modi's scheme for housing for all Indians by 2022.

Kumar said that India and China need to work for a better economic climate for our investors and entrepreneurs. We will do whatever to get the investment done. "Joint research work will be a very good signal and also produce very good results going forward", he said.

While China says it is a part of the BRI, India says the project predates that. So if there can be liberalization of entertainment and if you can expand working groups from current five to two more: "one on culture which includes entertainment; the other one could be one on pharmaceuticals because we import a lot of your pharmaceuticals APIs". Now there are no limits on Chinese computing companies from doing business in the US. He suggested extension of India's IT corridor in Chinese city of Dalian to the rest of Chinese provinces to combine India's software with China's hardware.

The SED is considered a key platform between India and China to discuss trade and economic issues and it was resume this year after last year's disruption amid the Dokalam standoff. In his address, He Lifeng said China will study Kumar's proposals and will have further discussions on them.

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