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"China has already started the approval process for the RCEP agreement, and plans to conclude all the preparatory work and get the green light at home in six months," said Yang Zhengwei, deputy director-general of the Ministry of Commerce's Department of International Trade and Economic Affairs.
"By virtue of the number of people who log onto WeChat, they have the largest music app in China in QQ Music, the biggest news app QQ News …and the list goes on and on."
"China is a developing country while the US is a post-industrialized country. A large part of their materials to make consumer goods and industrial products depends on imports," Zhou said, adding that tariffs will only leave the US with two choices—buying from China with a higher cost, or buying from other countries with uncertain quantity and quality.
"But there are smart policy options available that can soften these trade-offs, such as investing in testing and tracing capacity and durably expanding social protection to cover the poor and the informal sector."
"But on the whole, the growth in fiscal revenue will stay stable enough to achieve this year's revenue target," Lou said. "The improved quality and efficiency of economic development will continue to support the country's fiscal revenue."
