Breaking News
0

China paper rebuts trade war criticism, says 'an elephant can't hide'

EconomyAug 10, 2018 12:05AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Chinese and U.S. flags are set up for a signing ceremony during a visit by U.S. Secretary of Transportation Elaine Chao at China's Ministry of Transport in Beijing,

By Ben Blanchard and David Stanway

BEIJING/SHANGHAI (Reuters) - China's top newspaper rebutted growing criticism in government circles that Beijing should have taken a lower profile to head off its trade war with the United States, saying on Friday that, like an elephant, China cannot hide its size and strength.

The growing trade conflict is causing rifts within China's Communist Party, with some critics saying that an overly nationalistic Chinese stance may have hardened the U.S. position, sources close to the government have said.

The ruling Communist Party's official People's Daily took direct aim at those it said were naysayers in an unusually public rebuttal to a debate that has been happening largely behind closed doors in policy-making circles in China.

While condemnation of the White House has come at home and abroad, there are those who have spread "specious" views on the internet, it said in a lengthy commentary.

"One of these puts the blame on China, saying that 'China's strategy is too confident and high profile, incurring a one-two punch from the United States'," it said.

"Another of these criticizes China saying that it shouldn't strike back," the paper said. "The meaning is - as long as China caves in, the United States will raise its hand high in mercy, and the Sino-U.S. trade war won't happen."

However, it was absolutely not the case that China brought this upon itself, the commentary said.

History showed that the United States had always gone after countries, such as the former Soviet Union, Britain or Japan, that were perceived as threatening its global dominance. That had brought China into the firing line with its enormous and growing economy, the People's Daily said.

"After more than a century of hard work, China has returned to the center of the world stage, and this is the basic fact we must observe in the China-U.S. trade friction," the paper wrote.

"Such a large size, such a heavy thing, can't be hidden by 'being low key', just like an elephant can't hide behind a sapling," it said.

China said this week it would slap additional 25 percent tariffs on $16 billion worth of U.S. imports in retaliation against levies on Chinese goods imposed by the United States.

The move was the latest round in escalating tit-for-tat trade tensions, with U.S. President Donald Trump aiming to pressure Beijing into making concessions.

The People's Daily said Beijing was emerging as an "unprecedented opponent" for the United States.

"No matter what China does, in the eyes of the United States, China's development has already 'damaged the supremacy of the United States'," it wrote.

"Against this kind of 'opponent', the United States must adopt two methods - first, use the opponent to encourage itself and exhort mass political support for 'making America great again', and second, curb the opponent's supremacy at every level," it said.

Rising trade tension with the United States has however become the biggest threat to the stability of the Chinese economy, Wang Yiming, deputy director of the State Council Development Research Center, wrote in a separate column in the People's Daily on Friday.

With trade headwinds underway, Wang called for a slew of measures to stabilize exports, including improving a state tax subsidy policy that provides tax incentives for Chinese companies to increase their exports, as well as stepping up funding support for Chinese exporters.

China on Wednesday revamped a national leadership group charged with planning and studying its key technological development strategies, sending domestic technology shares higher as investors took it as a sign of policy boost for the sector.

More assistance for China's tech sector would mark the latest in a series of growth-boosting measures being rolled out by Beijing as an escalating trade war with the United States puts more pressure on China's already slowing economy.

China paper rebuts trade war criticism, says 'an elephant can't hide'
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email