BREAKING NEWS

China says policies unaffected by Trump plan to bring factories back to US

By REUTERS

FEBRUARY 18, 2017 06:43

SHANGHAI, Feb 18 (Reuters) - China is closely following US President Donald Trump's plans to create more domestic jobs by encouraging US companies to bring home or "reshore" their overseas production, but the government will not change its overall strategy, Industry Minister Miao Wei said on Friday.

"Regarding President Trump's efforts to revitalize US manufacturing and allow more US companies to move back to the United States, we are paying close attention to these policies but they will not affect the development of China's manufacturing industry," Miao said at a press briefing.

He said China would continue to encourage foreign enterprises to invest in China while at the same time encouraging domestic firms to go overseas.

"We will not change our goal of opening up to the outside world," he said.

Worried its export-dependent industries will suffer, China has repeatedly urged global leaders to reject protectionism, which Trump has championed with his "America First" campaign.

Speaking at the World Economic Forum in Davos last month, Chinese president Xi Jinping likened protectionism to "locking oneself in a dark room" and cutting off "light and air."

China's steel sector has been under particular scrutiny, with mills subject to increasing numbers of anti-dumping moves amid accusations that they were selling at less than cost and forcing foreign competitors out of business.

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