Trade dispute to boost domestic tech edge
The United States' aggressive trade tariff measures on Chinese products will push China's mechanical and electrical manufacturers to further boost innovation that covers the entire industrial chain, especially in areas such as new materials, processing and electronic techniques, industry officials said on Tuesday.
The escalating bilateral trade dispute has made the Chinese government and companies to realize what core parts and technologies China urgently needs to ensure its industrial security and export channels, and some products can only be gained via self-innovation and prolonged research process, said Chen Bin, executive vice-president of the China Machinery Industry Federation.
Trade in mechanical and electrical products between China and the US amounted to $100 billion in 2017, while China shipped $70 billion worth of manufacturing goods including vehicle and industrial parts, cable wires, machine tools, pumps and valve equipments to the US market, data from the Beijing-based CMIF show.