A worker cycles past containers outside a logistics center near Tianjin Port, in northern China, on Thursday. Jason Lee/ Reuters
China’s state planner said on Friday trade frictions with the United States has had some impact on China’s economy, but it was “controllable” and countermeasures would be rolled-out when needed to “keep economic operations within reasonable range.”
The National Development and Reform Commission (NDRC) gave its assessment during a press conference held in Beijing.
China reported surprisingly weaker growth in retail sales and industrial output for April on Wednesday, adding pressure on Beijing to roll out more stimulus as the trade war with the United States escalates.
After almost three years of successfully predicting a global economic revival, world bond markets are furiously flagging the risk of yet another recession, as well as low inflation for a generation.
US President Donald Trump's tariff increase to 25% on $200 billion worth of Chinese goods took effect on Friday, and Beijing said it would strike back, ratcheting up tensions as the two sides pursue last-ditch talks to try salvaging a trade deal.
Ties between the two powers are once again taking centre stage at the weekend Singapore conference known as the Shangri-La Dialogue, which gathers defence ministers and top military officials from around the world.
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