As tumultuous year comes to a close, Xi's defiant remarks indicate the U.S.-China trade war is far from over

ASIA PACIFIC / Politics / FOCUS

As tumultuous year comes to a close, Xi’s defiant remarks indicate the U.S.-China trade war is far from over

Chinese President Xi Jinping prepares to present a medallion during a conference to commemorate the 40th anniversary of China's reform and opening up policy at the Great Hall of the People in Beijing on Tuesday. | AP

Bloomberg

Dec 19, 2018

BEIJING – Anyone betting that Chinese President Xi Jinping would back down quickly in a trade war with U.S. President Donald Trump better think again.

Xi told a Beijing crowd including some of China’s most influential political, military and business figures on Tuesday that the country’s growing wealth and power had validated the Communist Party’s — and thus his own — leadership. “No one is in the position to dictate to the Chinese people what should and should not be done,” Xi said.

Xi’s speech — an 80-minute recitation of party achievements — outlined no new economic policies that might assuage investor concerns about market access or the slowing economy. Instead, he reaffirmed China’s pursuit of “indigenous innovation” in “core technologies.”