Xi Jinping says trade war pushes China to rely on itself and ‘that’s not a bad thing’
Chinese President Xi Jinping is working hard to boost confidence and prepare the country politically for the fallout of the ongoing trade war with the U.S. Trying to balance its “opening up” policy with an emphasis on self-reliance, Xi has emphasized the importance of developing technology, agriculture, and other sectors nationally as access to foreign sources become uncertain, while still underscoring that the country still needs to attract investment and leverage comparative advantages in its export industry. Tariffs on U.S. goods will quickly shift the makeup of the Chinese economy, as local production works to fill shortfalls across many industries. The Chinese government is simultaneously, however, reducing import tariffs on thousands of items to try and ease the pressure, cutting the average level from 9.8% to 7.5%.