China Says It's Prepared For Greater Shocks As US Tariffs Loom

(MENAFN- Live Mint) Chinese Premier Li Qiang said the country is prepared for“shocks that exceed expectations” as the world braces for US President Donald Trump to announce more tariffs on its trading partners next month.

Countries should open up markets in the face of growing economic fragmentation, Li told a gathering of global business leaders and visiting Republican Senator Steve Daines at the start of the China Development Forum in Beijing on Sunday.

“Instability and uncertainty are on the upswing,” Li said.“At this time, I think it is even more important for each of our countries to open up markets more, and for all of our businesses to share their resources more.”

Top executives including Apple Inc.'s Tim Cook, Qualcomm Inc.'s Cristiano Amon, Pfizer Inc.'s Albert Bourla and Saudi Aramco's Amin Nasser will attend the two-day conference. Bloomberg News earlier reported that plans were being made for corporate titans to meet Chinese President Xi Jinping on March 28, citing people familiar with the matter.

Daines, a member of the Foreign Relations Committee, met with Vice Premier He Lifeng on Saturday, a rare public exchange between US and Chinese officials since Trump returned to the White House. The senator and Li are due to meet Sunday.

The premier also reiterated a central bank pledge that policymakers will cut interest rates and the reserve requirement ratio when“timely,” and vowed to offer more support when necessary to ensure the economy runs smoothly.

Li's remarks comes as China renews efforts to attract foreign businesses after inbound investment tumbled last year to its lowest in over three decades.

Slowing growth and rising trade tensions have hurt the appeal of investing in the world's second-biggest economy. In the coming days, the US is set to complete a review of Beijing's compliance with the phase-one trade deal struck during Trump's first term and impose sweeping reciprocal duties globally.

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