CHINA is drawing up new measures aimed at stabilizing foreign trade, China Securities Journal reported Thursday, to offset the effects of a bitter trade spat with the United States.

The newspaper said several government departments were currently drafting policies and considering revising catalogues specifying what technologies should be imported. They were also looking at expanding cross-border e-commerce and launching new import trade demonstration zones.

Importing new high-end technologies would help promote the upgrade and internationalization of China’s economy, the paper said, citing government and industry officials.

China’s economy grew 6.2 percent in the second quarter of this year, its slowest rate in 27 years, hit by a costly tit-for-tat exchange of tariffs with the United States.

Last week, U.S. President Donald Trump said he would impose an additional 10 percent tariff on Chinese products worth US$300 billion, starting from Sept. 1.

China has been cutting taxes and reserve rate requirements and local governments are also issuing bonds for infrastructure construction in a bid to stimulate its slowing economy.

The People’s Daily also said in an editorial that the United States was ignoring the needs of its own people as well as the interests of other countries, and warned that China would have to take “necessary counter-measures.” (SD-Agencies)