China says there will be 'no winner' in global trade war

China says there will be 'no winner' in global trade war

China says there will be 'no winner' in global trade war

Leaders of the BRICS emerging economies - Brazil, Russia, India, China and South Africa - are holding an annual three-day summit, with attention focused on the threat of a US-led global trade war.

"China is the most important trade country in this coalition and is likely to offset the negative impact from greater USA protectionism through increased domestic stimulus", Madhur Jha, head of thematic research at Standard Chartered Bank, said in response to e-mailed questions.

Yesterday Chinese President Xi Jinping spoke tough on trade.

Speaking at the same event, Chinese President Xi Jinping said the world's second-biggest economy would take active measures to expand imports from South Africa to support development in Africa's most industrialised economy.

Meanwhile‚ minister of trade and industries‚ Rob Davies‚ said that South Africa was giving more than it got in its investment partnerships with Brics countries - and this had to change.

Xi continued that emerging markets and developing countries already contribute 80 percent of global economic growth, and based on exchange rate calculation, these countries account for almost 40 percent of the global economic output.

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The agreements which are set to be signed between emerging markets at the Brics Summit under way in Sandton, north of Johannesburg, are likely to benefit poor South Africans. "China will continue to develop itself with its door wide open".

"China is the most important trade country in this coalition and is likely to offset the negative impact from greater U.S. protectionism through increased domestic stimulus", said Madhur Jha, head of thematic research at Standard Chartered Bank. "The loan will help us ease some of the liquidity challenges we are facing", said Hadebe.

Trump has said he is ready to impose tariffs on all US$500 billion of Chinese imports, complaining that China's trade surplus with the United States is due to unfair currency manipulation.

"We are looking to promote investment-led trade", Davies said.

South Africa has invited the leaders of 22 additional countries to participate in this week's summit, including 19 from Africa.

He said 7,000 South Africans work in jobs affected by the metals tariffs; an effort to secure an exemption from the USA government was unsuccessful.

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