We do not want US trade war, says China

by Abel Hampton March 5, 2018, 1:41
We do not want US trade war, says China

China has no desire to overturn the existing global order and its increasingly powerful military does not constitute a threat to others, Chinese Vice Minister of Foreign Affairs and National People's Congress (NPC) spokesman Zhang Yesui (張業遂) said yesterday.

"Example, when we are down $100 billion with a certain country and they get cute, don't trade anymore-we win big".

"There is a fundamental difference", said Zhang Yuyan, a national political advisor, refuting some western media reports that equated China's overseas infrastructure deals and industrial cooperation with neocolonialism.

Last year military spending was budgeted to increase by just 7 percent, to 1.044 trillion yuan ($164.60 billion) about one-quarter of the proposed US defence spending for the year.

"Chinese businesses care about local sustainable development and have actively fulfilled their social responsibilities", he said, noting that in many cases, investment from China facilitates efforts of host countries to build their own industrial system.

Zhang also accompanied Jiang on a visit to the United States in late 1997 and was in charge of coordination when Bill Clinton visited Beijing the following year, according to Guangzhou newspaper The Time Weekly. Zhang said China's military budget is still lower than that of other major countries but in contrast to usual practice for the pre-legislative briefing, did not give any figures.

"China is committed to a path of peaceful development and it pursues a defence policy which is defensive in nature".

Trump believes the tariffs will safeguard American jobs, but many economists say the impact of price increases for users of steel and aluminium, such as the auto and oil industries, will destroy more jobs than curbs on imports create.

That marked about a 7-per-cent increase, continuing a trend of lowered growth amid a slowing economy, despite regional tensions over the South China Sea and other issues.

However, China's publicly announced defense spending has never been accurate since it omits a significant amount of "off-book" expenditures on defense equipment projects, said Peter Jennings, executive director of the Australian Strategic Policy Institute in Canberra.

"What's alarming is not the non-reporting of largely fictitious defence spending figures so much as the Chinese leadership is shedding even the pretense of being open about its military plans", Jennings said in an email to The Associated Press.

Last Sunday Zhang Yesui, the legislature's spokesman, told reporters the move is only aimed at bringing the office of the president in line with Xi's other positions atop the party and the Central Military Commission, which do not impose term limits.

The Belt and Road Initiative seeks mutual benefits with countries and regions along the routes and should not be likened to neocolonialism, an expert has said.

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