China, US Trade War Won't Benefit Either Side, Zhong Says

China, US Trade War Won't Benefit Either Side, Zhong Says”

China's top leaders have repeatedly warned that a trade war would bring no winners.

For example, the U.S. exported 26 percent of its Boeing aircraft and 56 percent of soybeans to China, as well as 16 percent of vehicles and 15 percent of integrated circuits.

"Many American and western friends think that China can't live without the US, and they're half right", Zhong told reporters on Saturday in Beijing. "So by jointly developing the industrial park, China wishes to advance the Philippines modernization and industrialization", Zhong said in a press conference at the sidelines of the 5th session of the 12th National People's Congress in Beijing. "Similarly, the US also can't live without China", he said, citing USA exports of Boeing Co. airplanes, soybeans and automobiles to China.

China's commerce minister on Saturday warned that a trade war between his nation and the US would do nothing to help either superpower.

Zhong said he looks forward to meeting his USA counterpart Wilbur Ross, who became secretary of commerce under the US' new administration late last month.

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In 2016, the volume of commodity trade between China and the USA reached $519.6 billion - 207 times higher than in 1979 when bilateral diplomatic relations were established.

"I am aware that Mr. Ross is an outstanding businessman and an experienced negotiator, an excellent person" Zhong said.

Zhong also spoke about China's growing outbound investment, noting that a small number of Chinese companies had invested overseas "blindly and irrationally" in ways China did not encourage.

China-Philippines' relation made a huge turnaround since President Duterte's ascension to presidency in June a year ago. He said the government would step up regulation around such investments.

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