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Beijing is holding firm, but many Chinese firms acknowledge they're worried about the trade war

Evelyn Cheng

Beijing has maintained a resolute stance in the face of U.S. tariff threats, but many Chinese companies are acknowledging that their businesses could be hit by the ongoing trade war. Industrial and Commercial Bank of China, or ICBC, said late last month that a primary challenge the bank faces is increased instability and uncertainty in the international environment and intensifying global financial market volatility, especially since rising U.S.-China economic tensions may negatively affect many sectors. Several of China largest companies are acknowledging that they're concerned about risks from a trade war with the U.S.