Bad news for US, India as China set to introduce new economic reforms, Donald Trump to impose…, India eyes on..

China, which has been struggling since the COVID-19 pandemic, is often referred to be the second-largest economy.

New Delhi: The Xi Jinping-led Chinese government is all set to make some key decisions regarding its economy in the new year. As per the economic experts, China is preparing to open its economy to the global market. A major reason behind this move is the fear of the United States. Notably, the newly elected US President Donald Trump has expressed intentions to increase taxes on Chinese imports. This has led to uncertainty looming over trade between China and the US.

China, which has been struggling since the COVID-19 pandemic, is often referred to be the second-largest economy. The reasons for this include the debt crisis in the housing sector, reduced consumer spending, and rising unemployment among the youth.

Furthermore, with the inauguration of Donald Trump as the President of the United States on January 20, China’s troubles seem to be intensifying. During his previous term, Trump had imposed taxes on Chinese imports, and he has hinted at doing the same again.

Zhao Chengjing, the deputy director of China’s National Development and Reform Commission (NDRC), has expressed his commitments. He stated that, regardless of the external environment or uncertainties, China is ready to open its economy to the outside world. He further mentioned that this year, many new initiatives will be implemented in the country for international trade.

He emphasized that foreign investment will focus on advanced manufacturing, modern services, high-tech, energy-saving, and environmental protection.