China is prepared to engage in active dialogue with the United States based on mutual respect, aiming to foster stable economic and trade relations, Vice Commerce Minister Wang Shouwen said on Friday. Wang, also China’s International Trade Representative, expressed confidence in China’s ability to withstand external shocks, responding to concerns over potential tariffs from U.S. President-elect Donald Trump.
“We believe China and the U.S. can sustain a stable and healthy development in economic and trade ties,” Wang stated at a press conference in Beijing, emphasizing China’s readiness to “expand cooperation and manage differences” with the U.S. Trump’s threats of tariffs exceeding 60% on Chinese goods have prompted manufacturers to consider relocating operations to Southeast Asia, heightening concerns over trade disruptions.
Economists predict U.S. tariffs of up to 40% on Chinese imports next year, which could trim China’s economic growth by 1 percentage point. In response, Chinese authorities announced measures to boost foreign trade, including enhanced financing support and expanding agricultural exports.
The trade tension has also impacted the Chinese yuan. After initial gains of 10% during Trump’s first term, the currency later fell by 12% amid tariffs and the pandemic. Liu Ye, a central bank official, assured that the yuan would remain stable, with measures to prevent market misalignment and exchange rate overshooting. To mitigate risks, Chinese firms are increasing dollar reserves, pricing contracts in yuan, and securing import lines.
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