China prepared for long trade fight with the US

SHANGHAI: The United States has underestimated the Chinese people’s will to fight a trade war and Beijing is prepared for a long economic battle, an influential Chinese Communist Party journal said on Sunday. China would not give way on major principles in its negotiations with the United States on ending the dispute, the commentary in the ideological journal Qiushi, or Seeking Truth, said. The editorial represented “a further mobilisation of Chinese society” in the struggle against US trade pressure, wrote Hu Xijin, editor-in-chief of the state-run Global Times newspaper, in a tweet.
“China will not be afraid of any threats or pressure the United States is making that may escalate economic and trade frictions. China has no choice, nor escape route, and will just have to fight it out till the end,” it said. “No one, no force should underestimate and belittle the steel will of the Chinese people and its strength and tenacity to fight a war.” The United States kicked off a tariff battle with China in 2018, seeking sweeping structural changes from Beijing and alleging that the Chinese have engaged in intellectual property theft over many years, which China denies.
But tensions rose sharply in May after the Trump administration accused China of reneging on promises it had made during months of talks. The commentary also accused the US of trying to hamper Chinese technological innovation. “We must keep the initiative of innovation and development firmly in our hands, increase investment and research in key, core technology areas, pool together more high-value talents, enhance innovation and get rid of the core technology plight,” it said. — Reuters