China says protectionist Trump may limit growth of its exports
- Author: Desiree Holland Jan 14, 2017,
Jan 14, 2017, 0:36
For the full year, Customs' data showed that exports fell 2 percent to 13.84 trillion yuan (US$2 trillion) from 2015 while imports rose 0.6 percent to 10.49 trillion yuan.
"Thanks to the leadership of Russian Federation and China, comprehensive strategic partnership between the two countries strengthened, as well as political trust, economic and trade cooperation and cultural exchanges expanded".
He added that the volume of exports from China to Russian Federation amounted to $37.3 bln in 2016, increasing by 7.3%.
Trump's trade team includes Peter Navarro, an economist who directed a documentary titled: "Death By China: How America lost its manufacturing base;" and Robert Lighthizer, who was part of a Reagan administration trade team that imposed protectionist measures.
Exports slipped 6.1 percent to US$209.4 billion last month, data showed, much worse than the 4 percent tipped in a survey by Bloomberg News. Consequently, the trade surplus narrowed to $486 billion.
Customs had earlier released the figures in yuan terms, showing a 2 percent decline in exports previous year.More news: Trump's election has changed Obama's post-presidency plans
China approved 227 projects worth 1.704 trillion yuan ($246.55 billion) in 2016, China's National Development and Reform Commission (NDRC) said, says a Reuters report.
China has, in fact, been spending hundreds of billions of dollarsrecentlyto buy its own currency and stop it falling too rapidly, rather than devaluing the yuan to boost exports.
China is becoming an increasingly important for Irish exporters, and Irish exporters, especially in areas like food and drink, are carving out a major niche in the world's second biggest economy.
"We will pay close attention to foreign trade policy after Trump is inaugurated president", he said.
But he also told a press briefing that China will "carefully watch Mr Trump's trade policies".
A week before the billionaire's inauguration as USA president, Chinese authorities expressed their concern that Trump would follow through on pledges to impose high tariffs on imports from China and to brand the country a currency manipulator.