Chinese Vice Minister of Commerce Wang Shouwen said that Beijing is willing to conduct positive dialogue with the US on the principle of mutual respect and promote bilateral trade and economic relations.
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| China's Vice Minister of Commerce said Beijing and Washington can maintain a stable, healthy and sustainable development trend in economic and trade relations. (Source: Reuters) |
At a press conference in Beijing on November 22, when asked about the impact of US President-elect Donald Trump's tariff policy on China, Deputy Minister of Commerce Wang Shouwen said that Beijing has the ability to "deal with and cope" with the impact of external shocks.
“We believe that China and the United States can maintain a stable, healthy and sustainable development trend in economic and trade relations,” he said.
Deputy Minister Wang Shouwen also stressed that China is willing to “expand areas of cooperation and balance differences between the two countries.”
Faced with the threat of tariffs of more than 60% on goods from China, exporters in the country of more than a billion people are preparing for possible disruptions to foreign trade. Many manufacturers have relocated factories to Southeast Asia or other regions.
Economists predict that the new US administration's tariff policies from early 2025 could reduce China's economic growth by up to 1 percentage point.
Previously, on November 21, Beijing announced a series of policies to promote foreign trade, including a commitment to increase financial support for businesses and expand agricultural exports.
Trade fluctuations during Trump’s upcoming term are expected to have an impact on the Chinese yuan (CNY). During his previous term, the CNY appreciated by 10% in the first 18 months and then fell by 12% during the implementation of tariffs and the Covid-19 pandemic.
However, Ms. Liu Ye, an official of the Central Bank of China, said: "We predict that the yuan exchange rate will remain stable at a reasonable and balanced level."
Saying that the People's Bank of China will "maintain the flexibility of the yuan, while strengthening the guidance of various forecasts to avoid biased forecasts," she stressed that the bank will resolutely prevent excessive exchange rate risks and keep the yuan stable.
At the same time, in the market, Chinese companies are hoarding more USD, pricing contracts in yuan and opening more import channels to reduce cash flow risks.
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