China unveils measures to boost foreign trade

China’s commerce ministry announced on Tuesday policy measures to boost foreign trade, including enhancing financing support for firms and increasing exports of agricultural products.

With the threat of high tariffs from US President-elect Donald Trump causing concern among Chinese manufacturers, exporters are preparing for potential trade disruptions.

The ministry stated that China will promote more financial products to help firms manage currency risks and coordinate macro policies to maintain a stable yuan, as per a statement published by the ministry.

Additionally, the country plans to boost agricultural exports and facilitate imports of essential equipment and energy products.

“(We will) guide and help firms to actively respond to unreasonable trade restrictions by other countries and create a good external environment for exports,” the statement added.

A recent Reuters poll suggests that the United States may impose tariffs of nearly 40 per cent on imports from China in early 2022, potentially reducing China’s growth by up to one percentage point.

The ministry announced plans to support business personnel from key trading partners for cross-border exchanges.

Attribution: Reuters

Subediting: M. S. Salama