by China is not afraid of “extreme measures” the United States is taking in their trade war and will use it as an opportunity to replace imports, promote localization and accelerate the development of high-tech products, state media said. The People’s Daily newspaper, which is published by the ruling Communist Party, made the comments in a front-page article in its overseas edition on Wednesday.... China to follow Russia's lead in import substitution. This means that those markets will be lost to the global economy. China will obviously increase imports from Russia as well, which is already happening. The losers in this will be US and EU countries.China had already announced before the tariffs and potential trade war that it was switching from an export-led economy to a domestic-driven
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China is not afraid of “extreme measures” the United States is taking in their trade war and will use it as an opportunity to replace imports, promote localization and accelerate the development of high-tech products, state media said.
The People’s Daily newspaper, which is published by the ruling Communist Party, made the comments in a front-page article in its overseas edition on Wednesday....China to follow Russia's lead in import substitution. This means that those markets will be lost to the global economy. China will obviously increase imports from Russia as well, which is already happening. The losers in this will be US and EU countries.
China had already announced before the tariffs and potential trade war that it was switching from an export-led economy to a domestic-driven one, so this just speeds up the process.
As Putin said of sanctions on Russia, it's a blessing in disguise, since Russia could not have mustered the will power to increasingly tap the potential of the Russian economy. The same can be said for the US trade war with China. Instead of making China weaker, which is its aim, it will make China stronger and more self-sufficient. It will also strengthen the Sino-Russian economic and strategic alliance.
Reuters
China will use trade war with U.S. to replace imports: state media
Reporting by Brenda Goh; Editing by Paul Tait