New Delhi: The world’s second-largest economy, China, is facing immense pressure from external market risks forcing Chinese policymakers to change the future plans and rely more on domestic demand. Also Read – IPL 2020: Former Australia International Ryan Harris Joins Delhi Capitals as Bowling Coach
Addressing a seminar on Monday, Chinese President Xi Jinping warned his group of advisors that the largest Asian country may be undergoing a period of “turbulent change” given the recent trends, after coronavirus pandemic that disrupted global economy, supply chains and expedited a range of trade barriers. Also Read – COVID-19: India’s Tally Crosses 31-Lakh Mark, Deaths at 58,390; Over 3.5 Crore Tested Under ‘Test Track Treat’ Strategy | Top Developments
“In the coming period, we will face more and more headwinds in the external environment, and we must be prepared to deal with a series of new risks and challenges,” Xi said, as quoted by news agency Reuters. Also Read – IPL 2020 Schedule: With Just a Little Over Three Weeks Left, Why Hasn’t BCCI Confirmed Fixtures?
Although, President Xi did not expressively referred to the US-China tensions, he hinted at China’s willingness to work towards solving the issues with the global superpower.
Notably, China is set to come up with its five-yearly economic blueprint next year and it is expected to focus on domestic markets, although the President vowed to open up more trade opportunities for the national economic cycle.
China’s economy has been severely hit due to the escalating bilateral tensions with the United States over the last two years. The two largest economies have held several discussions to ease out the trade war that has only increased in the months since the COVID-19 outbreak.
The Trump administration also levied tariffs on billions of dollars’ worth of Chinese goods, to which Beijing responded with duties of its own. Not just that, several other countries, including India, have also started boycotting Chinese products in the middle of the global crisis.
However, US and Chinese trade envoys discussed strengthening coordination of their government’s economic policies during a phone meeting today and conducted a constructive dialogue on the implementation of US-China phase one agreement.