Business leaders said they were well prepared for the new US tariffs and are actively adopting countermeasures. — China Daily
BEIJING: China’s top economic regulator has pledged efforts to tackle issues faced by enterprises and support the development of the private sector, as it seeks to buffer the impact of the latest round of sweeping new tariffs from the United States.
Zheng Shanjie, head of the National Development and Reform Commission (NDRC), hosted a meeting on Tuesday morning with a group of private businesspeople from Trina Solar, China-Base Ningbo Group Co Ltd, Guangdong Lingyi iTECH Manufacturing Co Ltd, Didi Chuxing and Goertek Inc.
Zheng listened to feedback on the implementation of macroeconomic policies at the micro level, discussed the companies’ responses to newly imposed US tariffs, and gathered opinions on strengthening foreign trade and employment.
The meeting comes as Beijing grapples with renewed trade headwinds, including Washington’s latest round of tariff hikes on Chinese goods, while also seeking to stabilise the overall economy amid a sluggish global recovery and mounting uncertainty.
Looking ahead, the next step will be accelerating the implementation of already-announced supportive measures, strengthening research on policy reserves, and launching them in a timely and effective manner, the NDRC said in a statement posted on its official website on Tuesday.
During the meeting, business leaders said they were well prepared for the new US tariffs and are actively adopting countermeasures.
At the same time, they acknowledged the stable domestic development environment and vast market potential, stating their confidence in overcoming difficulties and achieving breakthroughs.
On Tuesday, Trina Solar said in a reply to an investor request that, as of now, the company has sufficient inventory of solar modules stored in the United States, and the cost of the modules was not expected to be impacted by the tariff hikes.
Meanwhile, as some products are currently in transit and about to clear customs, the company is confident it can meet customer demand in the US market for the remainder of the year, according to market information provider Wind Info.
In the face of external uncertainty, Zheng said China should focus on doing its own work well.
He reiterated China’s unwavering commitment to reform and opening-up, the importance of firing up dual circulation – in which domestic and international commerce coexist, with domestic commerce playing the primary role – and the need to respond to external uncertainty with domestic certainty.
The NDRC also pledged to improve communication mechanisms between the government and private enterprises, actively address real difficulties faced by companies, and promote the healthy, high-quality development of the private sector.
“China’s efforts to boost domestic demand can offset the impact of the US tariff hikes,” said Sun Xuegong, director-general of the Department of Policy Study and Consultation at the Chinese Academy of Macroeconomic Research, a think tank under the NDRC. — China Daily/ANN
