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By John Butcher
China is concerned about President Donald Trump’s plans to bring U.S. companies home, but it won’t retaliate with new policies, a government minister said.
Miao Wei, minister of industry and information technology, said “the efforts of President Trump to revitalize the U.S. manufacturing industry” would “not affect the Chinese manufacturing Industry development pattern.” He was speaking Feb. 17 at a State Council Information Office media conference.
“China’s manufacturing industry is a relatively complete industrial system” with a “huge market,” he said.
“Also, many industries in China’s industrial chain are relatively complete, including upstream and downstream; business relocation must also take into account these many factors,” he added.
Authorities will continue to “expand and open up to the outside world,” with the aim of encouraging foreign companies to “share the fruits of China’s economic development,” Miao said.
China also will continue encouraging domestic firms to expand abroad, he said.
Trump has blasted trade deals with China that generated record U.S. deficits and pledged to use “every lawful presidential power to remedy trade disputes” with China, including tariffs. China initially responded in kind, with the state-run Global Times describing China’s possible “tit for tat” retaliation by pulling deals with Boeing, for example.
But more recently, Beijing has signaled it’s ready to work with new administration and has already taken a handful of policy steps that may help fend off criticism over access to its markets. The official Xinhua News Agency congratulated Trump on his inauguration and said it hoped for “win-win” cooperation between the two nations. An editorial run by state-backed newspaper China Daily took a similar tone, saying the world’s two largest economies should work together toward “an updated, more desirable version of globalization.”
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