Xi admits trade war with US put China’s economy in ‘uncertainty’
China’s President Xi Jinping on Thursday acknowledged that a trade war with the United States had already created a status of uncertainty for the world’s second biggest economy.
President Xi in a meeting with domestic entrepreneurs sought to reassure them with promises to prop up private firms with lower taxes and more funding. However, he warned that China’s economy was losing steam as a result of tariffs war with the US, a massive debt buildup and a weakening currency.
Though China's overall economic status is stable, "uncertainty in our country's economic development has clearly increased, downward pressure has grown, and companies are facing more difficulties," he was quoted as saying by media.
Xi, who has voiced his support for private firms multiple times this year, made several policy suggestions, including lowering corporate taxes and resolving funding challenges faced by companies, according to a report by AFP.
He also proposed that provincial governments raise their own "rescue funds" to bail out companies.
Xi also emphasized creating a fair and competitive business environment and tasked local governments with "correcting" the behavior of certain government departments, as well as large companies that use their dominance to "bully" smaller firms.
US tariffs on half of what China exports to the US have sapped confidence in Beijing's ability to maintain current growth levels.
Analysts say that the country's overleveraged companies and local governments are likely to put a further drag on expansion.
It was the second meeting this week in which Chinese leaders vowed to protect the economy.
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