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A big about face from the guy who was at the forefront of the...

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    A big about face from the guy who was at the forefront of the Trade Deal between China & U.S.


    Chinese Vice-Premier Liu He says ‘external pressure’ can actually help China’s economy

    • President Xi Jinping’s chief US trade war negotiator did not specifically reference rising tensions with United States during surprise speech in Shanghai
    • Keynote address at Lujiazui financial forum his first public appearance in three weeks since tour of Jiangxi province with Xi

    Vice-Premier Liu He believes the “external pressure” now hitting China’s economy was inevitable and could actually boost the country’s innovation and development.

    Liu, the top economic aide to President Xi Jinping and chief negotiator in the trade talks with the United States, backed up comments last week from
    People’s Bank of China governor Yi Gang
    that Beijing has sufficient policy tools to address the risks and challenges to ensure that China’s long-term growth prospects remain sound.

    He did not directly mention the US-China trade war in remarks at the Lujiazui financial forum on Thursday, but said there was ample room in China’s macroeconomic system to support growth and that recent moves by the government to cut taxes and government administrative fees were starting to have a positive impact on the economy.

    “We do face some external pressure at the moment, but this is the inevitable test that China’s economic upgrade must experience,” Liu told the forum, which is an annual event organised by the Shanghai government and the People’s Bank of China. “The external pressure will help us improve innovation and self-development, speed up reform and opening up, and push forward with high quality growth.”

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