China announces plans to stabilise growth amid trade war with US

China announces plans to stabilise growth amid trade war with US

The US and China, the world's two largest economies, are locked in a trade war since President Donald Trump imposed heavy tariffs on imported steel and aluminium items from China in March past year.

But alluding to parts of the new law that allows Beijing to retaliate against countries that it views as having discriminatory or restrictive provisions against Chinese investments, Mr Li said he hopes Chinese firms will also receive fair treatment overseas.

Li also said China can use such tools as the reserve requirement ratio of banks and interest rates to support the economy.

"We also hope that foreign governments can view in an objective light the cooperation between Chinese companies and their foreign partners based on contractual consent", he said.

Chinese Premier Li Keqiang on Friday said he is going to visit the European Union (EU) headquarters in April and hold the next round of the China-EU leaders' meeting.

At their previous summit in Argentina in December, Xi and Trump agreed to a truce in which both promised to refrain from imposing further tariffs for 90 days while trying to complete trade negotiations.

The figures were the latest in a string of indicators pointing to an extended slowdown, with Beijing feeling the effects of a painful trade war with the United States.

Chinese Premier Li Keqiang arrives for a press conference after the closing session of the National People's Congress in Beijing's Great Hall of the P

But Premier Li Keqiang said the government would not ask any company to spy on its behalf.

Her father is the company's founder, Ren Zhengfei, a former engineer in the People's Liberation Army.

As a tit-for-tat tariff escalation with the United States - worth hundreds of billions of dollars - has choked exports as well as private spending and investment at home, Li pledged to implement "strong measures" to prop up the nation's economy.

Premier Li Keqiang, speaking in a nationally televised news conference, said Friday the communist government will cut taxes and take other steps to "boost the vitality of the market".

Li said the downward adjustment of the GDP growth target was made against the backdrop of a slowing global economy, as several worldwide organisations have recently lowered their forecasts for global growth this year. He said China is ready to cut cooperate taxes and ease monetary policy further.

The country will encourage business start-ups and innovation to create more job opportunities, he said.

Li said that while frictions exist and will continue between Washington and Beijing, shared interests between the two countries far outweigh their differences.

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