Reminding the US of the presence of US firms, Xie mentioned about 60 per cent of the brand new shops opened by McDonald’s Corp up to now 12 months have been in China, whereas Shanghai is the one main metropolis on this planet with greater than 1,000 Starbucks cafes.
“The extra success tales of mutually useful cooperation, the higher,” Xie mentioned. “China and america can obtain many nice and good issues by way of cooperation, and the record of cooperation ought to be stretched longer and longer.”
However any try and comprise or suppress China would solely “hit a wall”, Xie mentioned.
Analysts mentioned China can be able to struggle again if a brand new commerce battle have been to erupt.
“Even within the unlikely occasion that we noticed a sudden thaw in US-China ties, Beijing will proceed to prioritise self-sufficiency and financial safety,” mentioned Joe Mazur, senior analyst at Beijing-based consultancy Trivium China.
“If (tariffs) have been to occur, I feel we might begin to see some fairly aggressive retaliation from the Chinese language aspect. The calculus right here would probably be that taking part in good actually did not get China wherever and that hanging again onerous may trigger the US to assume twice about pressuring China economically.”
Julian Evans-Pritchard, Head of China Economics at Capital Economics, wrote in a be aware on Thursday: “We estimate that the direct impression of even a 60 per cent US tariff on items from China can be properly beneath 1 per cent of China’s GDP.”