China enjoyed economic tailwind in the first quarter of 2018
In the first three months, the second largest economy in the world grew by 6.8 percent compared to the same period of the previous year. So far, growth is above the government’s annual target of around 6.5 percent. Thanks to its robust growth, China is prepared for the escalating trade war with the US. US trade friction could “not dampen China’s good momentum and healthy development,” said Xing Zhihong, spokesman for the Beijing Bureau of Statistics, while presenting the growth figures for the first quarter of 2018.
After the US announced 25% punitive tariffs on imports from China worth $ 50 billion, China countered with punitive tariffs on imports from the United States in the same amount. Trump has gone down by planning further punitive tariffs on imports of $ 100 billion. While the US is targeting technology products from China, Beijing’s tariffs target US farmers – Trump’s core support base.
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