In the face of trade tensions, China says it will focus on its own economy
BEIJING — Top Chinese officials on Friday emphasized the country would focus on its own affairs in the face of rising trade tensions.
«As long as we do our own things well, we can ensure the national economy can run smoothly and steadily move forward,» Han Wenxiu, deputy director at the Chinese Communist Party's central committee office for financial and economic affairs, told reporters in Mandarin, translated by CNBC.
He listed three areas of focus: the stable and healthy development of the real estate market, accelerated development of «emerging and future industries» and expanding domestic demand, «especially consumption.»
Han was responding to a question about how China would support growth in the face of increased trade tensions. He used a phrase attributed to Chinese President Xi Jinping, who in recent years has called for the country to «do your own thing well» and focus on its own affairs.
The press conference followed the end of a high-level meeting policy called the Third Plenum that ended Thursday. While the final resolution has yet to be released — and is expected in the coming days — the initial communique called for boosting domestic tech and achieving the full-year economic targets.
Trade tensions between the U.S. and China escalated under former U.S. President Donald Trump, who is running for reelection this fall and has threatened 60% tariffs on Chinese goods if he wins. The Biden administration this year increased tariffs on Chinese electric cars to 100%.
The European Union this month also announced it would raise tariffs on Chinese-made electric cars.
China's Third Plenum readout and officials' comments Friday did not name specific countries or regions, but referenced geopolitical tensions in broad
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