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

TIANJIN, China, Sept 18 (Reuters) - 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.

Reporting by Kevin Yao; Writing by Elias Glenn; Editing by Kim Coghill