Chinese President Xi Jinping (second right) says rising unilateralism and protectionism is forcing China to become more self-reliant, and “it’s not a bad thing”. Photo: Xinhua
Frank Tang, SCMP: As trade war with United States rages on, China looks inward to keep economy rolling
Field visits by President Xi Jinping and Premier Li Keqiang suggest the country’s leaders are keen to boost the domestic economy
With no sign of a let-up in the trade war with the United States, China’s top leaders are looking inward for new growth drivers in a move that could affect the nation’s economic trajectory in the years ahead.
While Beijing is keen to attract foreign investors by trumpeting its efforts at “opening up”, it is also preparing for the possibility that growing international hostility might make it tougher to sell products to and acquire advanced technology from the US and other wealthy nations.
In a white paper issued late last month, China said it planned to revitalise its domestic market by making its rust belt and vast countryside more self-sufficient.
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WNU Editor: China got to where it is today because of two economic initiatives that former Chinese leader Deng Xiaoping initiated in the 1980s. Open the country to foreign investment that would build its manufacturing base and in turn open export markets. Encourage the development of small and medium businesses to employ Chinese workers. Under President Xi .... this is now all in jeopardy. Presdient Xi has jeopardized not only Chinese export markets (primarily the U.S.), but he has initiated a tight credit policy that is hurting Chinese businesses. President Xi may believe that China can grow internally .... but I do not see it, and neither do my many business contacts in China.
