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China has been revamping its massive State-owned businesses through mergers and acquisitions, industrial upgrading and innovation. In September, the central government launched its largest private equity fund, worth 350 billion yuan, to finance SOE restructuring.

China condemns and firmly opposes it, he said, adding that the country will take strong countermeasures to defend national sovereignty, security and development interests if the US insists on making the wrong decisions.

China has imposed a 25 percent tariff on in-shell hazelnuts from the US as well.

China has always proposed that any problem between the two countries can absolutely be solved through equal and candid dialogue, he said, and urged more efforts to push forward bilateral cooperation.

China doesn't want a trade war. However, confronted by such short-sighted act that hurts both US itself and others, China has no choice but to fight back forcefully, to firmly safeguard the interests of the nation and its people and uphold economic globalization and the multilateral trading system. We will immediately take tariff measures of the same scale and intensity. All economic and trade outcomes of the previous talks will now lose effect.