We maintained a steady and positive momentum

How much will trade friction affect China's economy?Foreign media, including the American media, have given their analysis.

Articles the New York times reported that the United States imports from China accounts for only about 3% of China's manufacturing industry income, and most of these goods are contained in other places (including the United States) to create value, that is to say, the Chinese company for every one dollar lost sales, impact on China's economy is not actually to a dollar.As a result, the negative impact of tariffs on Chinese manufacturing is unlikely to be large enough to have a significant impact on China's trade practices.

A number of international Banks and financial institutions also said the U.S. tax increase would not seriously affect China's economy, which still has huge growth potential.

"We do not expect China to make a major adjustment to its growth expectations, as the Chinese government's policies to promote economic restructuring can cushion the potential impact of tariffs," said xing ziqiang, China chief economist at Morgan Stanley, according to NBC.Moreover, according to the website of Russian newspaper kommersant, CAI hongjun, an executive in charge of China operations in ubs's investment bank, believes that China remains the most attractive emerging economy.The Chinese government has taken a number of measures to stimulate the growth of domestic demand in China.

Facts speak louder than words.The data show that China's economy is very resilient.

According to the telegraph's website, China's Labour force is still very tight and industrial profit margins are still growing.The UK's capital economics consultancy estimates that another us tariff cut China's growth by less than half a per cent.

NBC reports that the quality of China's economic development is improving.The imf expects China's GDP to grow 6.6 percent this year.From a currency perspective, while the yuan has fallen 5.5 percent against the dollar in 2018, it has fallen just under 1 percent against the euro over the same period.At present, China can actually use foreign capital at about $76.1 billion and achieve year-on-year growth.Meanwhile, China's foreign exchange reserves rose by $5.82bn in July from the previous month, suggesting foreign capital has not flowed out of the country in large Numbers.

Nicholas lardy, a China expert at the peterson institute for international economics, was quoted by the Washington post as saying that China's growth has not slowed.China has cut its reliance on trade by a third since the 2008 international financial crisis.

As an article on the us diplomatic scholar's website titled "why the us trade war against China is doomed to fail" argues, measures such as maintaining financial stability by the Chinese government will promote economic stability and enhance China's ability to cope with a trade war.Comments on the French newspaper les echos website added that "the Chinese government has sent a clear signal that it will safeguard economic growth".

We will accelerate the pace of transformation and upgrading

Opportunities and challenges always coexist.From the Asian financial crisis in 1997 to the international financial crisis in 2008, the Chinese economy successfully coped with challenges one after another.

In China's pearl river delta manufacturing hub, companies are accelerating the pace of upgrading and improving product quality, the Wall Street journal reported.At the same time, the Chinese government is introducing more incentives to help companies transition.Longtaixing, for example, is a manufacturer of lamps and other lighting products sold in U.S. stores.Faced with rising prices from the tariffs, the company plans to use more robots to cut costs, and to move lower-skilled production elsewhere in Asia, leaving shenzhen with a team of skilled workers who make more complex products such as smart lighting."The imposition of tariffs by the United States is encouraging China to shift toward higher-end products, which will help China improve its competitiveness in the future," the company's chief said.

NBC reported that private equity giant kohlberg kravis group (KKR) believe that continuing trade war brought China's economic transition opportunity, will promote China's export-oriented economy from exports and investment to the economic transformation on the basis of the domestic consumer market, and technological progress is growing.