Under the trade pressure, the world’s second-largest econo
onomy is accelerating restructuring reform and shifting from an export-dominated growth model to a more services-driven model, they added.
“The United States escalated trade tensions, but it cannot solve any problem. This causes volatility and sluggishness in global financial markets an
d hurts the global economy,” said Guo Shuqing, the People’s Bank of China’s Party secretary and also head of the China Banking and In
surance Regulatory Commission. His keynote speech was delivered by a commission spokesman at a forum on Saturday.
Impact on the Chinese economy will be very limited, said Guo. “Chinese fi
nancial markets, although they were excessively affected by trade tensions last year, are un
likely to be hit more dramatically going forward, as financial resilience is strengthening.”
The huge domestic consumer market in China will digest most of the un
salable exports, and many of China’s exports will also shift to other foreign markets. The US will con