The expert ruled out a serious setback in China's economy due to the trade war with the United States.

China is currently experiencing deflation, but this affects only certain sectors of the economy. Nevertheless, this does not indicate that there are serious forecasts about the possible collapse of the Chinese economy, Stanislav Mitrakhovich, a leading expert at the National Energy Security Foundation and the Financial University under the Government of the Russian Federation, told Izvestia on April 18.

Earlier, on April 17, The New York Times (NYT) reported that new US duties on imports from China could provoke another shock in China, which would create a hole in the country's economy.

"Even skeptics are talking about a slowdown in China's economic growth, but not that China will slip into recession. The Chinese economy continues to grow. The American economy, according to many forecasts, is on the verge of the risk of going into recession," Mitrahovich explained.

According to him, a recession is a drop in economic growth below zero for two consecutive quarters. Thus, as a result of the trade wars, the American economy is likely to contract in the near future, while the Chinese economy will continue to grow, albeit at a slower pace.

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According to the expert, even if no agreement is reached between Beijing and Washington on tariff issues, Chinese exports to the United States may decrease. Nevertheless, firstly, there are alternative ways of parallel import, which involve the supply of goods from third countries. Secondly, the American market is not the only one for China, it accounts for only one fifth of total Chinese exports.

"In general, Chinese exports to the world market will decrease not by two thirds, as in America, but maybe by 10%. Again, it doesn't look like something that can destroy China, at least in the medium term," Mitrahovich concluded.

On April 17, the Financial Times (FT) newspaper reported that China is seeking economic rapprochement with the European Union (EU) amid a trade war with the United States. According to the newspaper, China sent trade delegations to European capitals. In addition, Chinese factories are already exploring the possibility of redirecting products to the continent's markets.

Prior to that, on April 9, US President Donald Trump announced the suspension of duties imposed on a number of countries for 90 days. The head of state also announced an immediate increase in duties on products from China to 125%. On April 10, this figure reached 145%.