Chinese economy to grow further despite U.S.-China trade dispute: experts
Jordanian experts said Sunday that the Chinese economy will witness further growth despite the U.S.-China trade frictions.
“China is a strong exporter and has strong ties with Latin America, Africa, Russia, Europe and Asia, and this enabled the Chinese economy to overcome the negative impact of the U.S. measures against the Chinese economy,” economist Khaled Zubeidi told Xinhua.
According to the Chinese National Bureau of Statistics, the Chinese economy grew by 6.3 percent year-on-year in the first half of 2019 (H1) and reached 45.09 trillion yuan (about 6.56 trillion U.S. dollars). The growth is in line with the government’s annual target of 6-6.5 percent.
The Chinese economic policies are drafted in a manner which makes them resilient and Washington’s trade tensions with Beijing would eventually hurt the American economy, as they would undermine the U.S. export and U.S. economy’s ability to grow, the Jordanian economist said.
Noting that the Chinese economy is growing in various sectors, including technology and the digital economy, Zubeidi said that the U.S. “tariff weapon” will not work effectively.
Khalil Haj Tawfiq, head of the Amman Chamber of Commerce, said China’s economic growth in H1 showed that the country is able to absorb the impact of the trade tensions.
“China’s openness to the world and the reform policies prove that the Chinese market is still flourishing and growing and China is headed to become one of the largest competitors in the fields of economy, commerce and investments,” Haj Tawfiq told Xinhua.
He added that the Chinese Belt and Road Initiative (BRI) creates a new multilateral trade system and boosts economic growth.
Iyad Abu Haltam, member of Amman Chamber of Industry, said the Chinese economy is considered a safe haven for investment.
Focusing on infrastructure development, China is expanding cooperation with the rest of the world within the BRI framework, and by contrast, Washington’s protectionism measures will bring no benefit to itself, Abu Haltam said.