Trade pressure will not disturb China's pace in deepening market-oriented reforms, upgrading manufacturing or improving technology-intensive production, according to a Chinese senior economist.
"No matter what happens, we will improve our market institutions, complete the transition to a well-functioning market economy and further open up," said Justin Yifu Lin, dean of the Institute of New Structural Economics and honorary dean of the National School of Development at Peking University. Lin spoke in an exclusive interview with China Daily.
China has competitive advantages in many high-tech products, a significant portion of which are developed and produced by the nation's profit-oriented private sector on a competitive market basis, Lin said.
Chinese producers also have accumulated resources including technological research and human capital, consolidating their competitive advantages in high-tech manufacturing, according to Lin.
Reporters: Chen Jia, David Blair
Video photographers & editors: Wang Yuxi, Sun Weiwei, Li Xin
Subtitles: Zhao Tingting, Chen Liubing, Zhu Lingqing
Supervisors: Wang Yu, Zhang Chunyan
Publisher: Sun Shangwu
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