China's Premier Li Keqiang said on Wednesday that his country has been affected by the ongoing global trade tensions but insisted it had "prepared sufficient tools" to address the risks and challenges to the Chinese economy. Although Li didn't directly mention the United States tariffs targeting Chinese products, he insisted there is no space for unilateralism in global trade.
"It is essential that we uphold the basic principles of multilateralism and free trade," Li said in a speech at the World Economic Forum conference in Tianjin. "And for any existing problems, they need to be worked out through consultation: No unilateralism will offer a viable solution," he added. According to the Chinese premier, Beijing is "facing greater difficulties" in keeping the country's economy stable. However, Li stressed Beijing has prepared policy tools which will "boost China's resilience to cope with various challenges and difficulties."
The trade tensions between China and the US escalated earlier this week after Washington announced a new set of duties on $200 billion worth of Chinese imports set to come into effect next week. Beijing immediately responded with countermeasures targeting $60 billion worth of American products.
