The ministry of commerce of China on Thursday, November 21, announced policy measures aimed at stimulating the foreign trade activities of this Asian country.
The mentioned measures include a pledge to strengthen financial support for companies and expand agricultural products exports.
It is worth noting that there is currently concern about the likelihood that Donald Trump, who won the United States presidential election this month, will implement his repeatedly declared intention to impose tariffs of over 60% on goods imported from China. Amid fears of the materialization of the mentioned measures, which so far are only plans, an acceleration of factory relocation from the specified country to Southeast Asia and other regions has been recorded. Chinese exporters are currently preparing for trade disruptions.
It is worth noting that foreign trade is a kind of platform of growth for the Chinese economy, which is now going through difficult times amid a prolonged downturn in the real estate sector, weak domestic demand, and falling investor confidence.
As part of the foreign trade stimulus, Beijing will encourage financial institutions to provide more products to help companies improve currency risk management and to strengthen macro policy coordination to keep the yuan reasonably stable. The relevant information is contained in the statement of the ministry of commerce of China.
Beijing will also support the import of core equipment and energy products.
Besides, the Chinese ministry of commerce announced its intention to guide and help firms to actively respond to unreasonable trade restrictions by other countries and create a good external environment for exports.
Experts interviewed by the media said that potentially early next year, the United States could impose nearly 40% tariffs on goods imported from an Asian country. According to them, the implementation of appropriate measures can slice China’s economic growth by up to 1%.
The ministry of commerce of the Asian country also announced its intention to support business personnel from main trading partners to come to China.
As we have reported earlier, China’s Stimulus Measures Raise Domestic Consumption.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
