BEIJING – China’s top leaders on Friday pledged to step up support for the economy and oppose “unilateral bullying” in global trade in a veiled rebuke of hefty tariffs imposed by United States president Donald Trump.

The world’s two largest economies are engaged in a high-stakes’ trade war that has spooked markets and spurred major manufacturers to reconsider supply chains.
Leaders at a gathering of the Chinese Communist Party’s top decision-making body focused on economic work, which was attended by president Xi Jinping, acknowledged that “the impact of external shocks is increasing”, state news agency Xinhua reported.

They also said they would seek to “work with the international community to actively uphold multilateralism and oppose unilateral bullying practices”, it said.
The brutal trade war comes as China’s economy strains under the weight of longstanding woes in the property sector and reluctance by consumers to pull out their wallets.
Leaders at the Politburo meeting discussed a range of domestic economic issues, emphasising the need to “enhance the role of consumption in stimulating economic growth”, Xinhua revealed.
They also called for action to increase incomes and “vigorously develop service consumption,” as well as the implementation of key rate cuts at “appropriate times”.

The readout of the meeting “shows the government is ready to launch new policies when the economy is affected by the external shock”, Zhiwei Zhang, president and chief economist of Pinpoint Asset Management, wrote in a note.
However, he noted that “it seems Beijing is not in a rush to launch a large stimulus at this stage”.. – Nampa/AFP