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Deepening reform best response to trade war

China Daily | Updated: 2018-08-16 07:45

The trade war ignited by the United States poses a major risk to China's external development, which will have greater indirect and multilateral impacts in the medium and long term.

To render the US trade war ineffective, China has to deepen reform and opening-up so as to release the huge domestic demand potential, which in turn would help its economic transformation and upgrading. After that, it should make full use of the economic transformation and upgrading to consolidate its unique development advantages.

The upgrading of China's consumption structure is proceeding smoothly, and the proportion of service-related consumption in urban areas is expected to increase from about 45 percent today to about 50 percent - totaling about 50 trillion yuan ($7.83 trillion) - by 2020.

Deepening reform best response to trade war

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