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- US tariffs could cut China's GDP growth by 0.3% - Chinese central bank advisor
US tariffs could cut China's GDP growth by 0.3% - Chinese central bank advisor
Plans by Washington to hike tariffs on $200 billion of Chinese goods could cut China's growth by 0.3% but the strengthening economy has become more resilient to external shocks, a Chinese central bank advisor said.
Ma said that China would impose corresponding countermeasures should U.S. President Donald Trump move ahead with plans to increase duties on $200 billion of Chinese goods, to 25% from 10%.
"The negative impact of this scenario on China's gross domestic production would be around 0.3 percentage points, this is within a controllable range," he said.
The Chinese stock market was also unlikely to see the same heavy sell-off it experienced last year after the trade war began, he said, adding that investors had previously been prone to overreacting due to an inability to judge the real impact of trade frictions and jitters over slowing economic growth.
He also said that the Chinese central bank had sufficient monetary policy tools to cope with current internal and external uncertainties, and would look to fine-tune policy according to changes in the country's economic situation.
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