Trade experts urged China to further diversify market channels in other parts of the world, in particular the European Union, Japan, Canada, India and Russia which are currently hurt by the United States' aggressive trade policies, in order to retain robust growth.
Their remarks came after the Trump administration began to levy punitive tariffs on $34 billion of Chinese imports on Friday. China then retaliated by imposing tariffs on the same amount to defend its core interests, global value chain and the multilateral trade system.
As China is deepening its opening-up policies and building an advanced business environment via fast-growing service sectors, enhanced protection of intellectual property rights and foreign investment, the operation of US companies will be affected by policymakers in Washington, said Wei Jianguo, former vice-minister of commerce.
He warned that many US companies would lose their market share in the country's newly opened sectors such as high-tech manufacturing, banking, insurance, healthcare, medicine and new materials, if the bilateral trade tension continues to escalate.
The Trump administration hasn't cultivated a business environment deemed by its major trading partners as reasonable and predictable. Instead, it is putting up trade barriers, restricting foreign investment and alienating its major trading partners and traditional allies, said Chen Wenling, chief economist at the China Center for International Economic Exchanges.

Source:China daily