China securities official says U.S. trade action will not work

The United State's trade actions against China will not work as China has ample fiscal and monetary policy tools to cope with the impact, a senior Chinese securities market official said on Tuesday.

Fang Xinghai, vice chairman of the China Securities Regulatory Commission (CSRC), said at a conference in Tianjin that he hopes the two sides can sit down and negotiate on trade and that he looks forward to good China-U.S. trade relations over the long term.

U.S. President Donald Trump escalated his trade war with China on Monday, imposing 10 percent tariffs on about $200 billion worth of Chinese imports.