China courts a shaken Europe after Trump-Zelenskyy row, slams US tariff moves

A Call for Fairness: China Addresses Unilateral Tariffs and Economic Challenges

1. Standing Against Unilateral Tariffs: A Call for Global Cooperation

China’s National People’s Congress (NPC) spokesperson, Lou, strongly condemned Washington’s decision to impose unilateral tariffs, calling it a violation of international trade rules. This response came after a reporter from NBC News questioned whether tariffs would be a key issue during this year’s Two Sessions, a major political event in China. Lou emphasized that the U.S. tariffs not only contravene World Trade Organization (WTO) rules but also disrupt the global industrial chain and supply chain, which are critical for economic stability worldwide.

“China’s economic foundation is stable, has many advantages, strong resilience, and great potential, and the long-term support conditions and basic trends have not changed,” Lou asserted.

In a world already grappling with trade tensions and shifting geopolitical dynamics, Lou reiterated China’s commitment to multilateral cooperation and a rules-based global trading system. He expressed hope that both the U.S. and China could meet halfway and resolve their differences through equal dialogue. “China is willing to strengthen cooperation with all countries to jointly safeguard the hard-won multilateral trading system, oppose unilateralism and protectionism, and promote inclusive economic globalization,” he said.

China’s stance reflects its belief in the importance of collaboration over confrontation, especially as the global economy faces mounting uncertainties.

2. Navigating Economic Pressures: External Challenges and Domestic Efforts

Against the backdrop of these global trade tensions, China is also contending with significant economic pressures. During the Two Sessions, the NPC acknowledged that external factors have taken a toll on the country’s economy, which is already dealing with domestic challenges.

Lou pointed out that internationally, rising economic and political uncertainties have made it harder to stabilize external demand. Domestically, insufficient demand and operational difficulties faced by some enterprises further complicate the situation. However, despite these challenges, Lou remained optimistic about China’s economic resilience.

He highlighted the country’s “super-large market” and “complete industrial system” as key strengths, emphasizing that China’s economy has持续在经历了起伏和考验后变得更加强大。 “We are confident in the prospects of China’s economy,” he said.

To bolster the economy, China has implemented a series of measures, including those announced in September last year. These measures aim to harness “new productive forces,” or “xin zhi sheng chan li,” to drive growth and innovation.

3. A Focus on Household Consumption: China’s Economic Priorities

As China prepares to unveil its economic priorities for the year, all eyes are on Premier Li Qiang’s government work report, which will be delivered at the opening of the NPC. This report is expected to outline key targets, including GDP growth and fiscal deficit goals.

Analysts predict that China’s policymakers will introduce new measures centered on a more aggressive, household-focused fiscal approach. With domestic demand proving insufficient, authorities are increasingly looking to boost consumer spending as a driver of economic growth. This shift reflects a recognition that China’s economic future depends on tapping into the purchasing power of its vast population.

Lou’s remarks underscored China’s confidence in its ability to overcome current challenges. “China’s economy has always grown through ups and downs and grown stronger through trials,” he said.

4. The Resilience of China’s Economy: Walking the Talk

Despite the current economic pressures, China remains bullish about its long-term prospects. Lou highlighted several factors contributing to this optimism:

1. A Stable Economic Foundation: China’s economy is underpinned by a large and diverse market, a complete industrial system, and strong productive capacities. These factors provide a solid base for weathering external storms.
2. Resilience and Adaptability: Over the years, China’s economy has demonstrated its ability to adapt to challenging conditions. Whether it’s a global financial crisis or a pandemic, China has consistently shown resilience.
3. Long-Term Support Conditions: Lou emphasized that the fundamental trends driving China’s economy remain intact. The country’s commitment to reform, opening up, and innovation continues to provide a strong tailwind for growth.

These factors, combined with the measures already in place, give China a fighting chance to navigate its current economic challenges successfully.

5. Multilateralism Over Protectionism: China’s Vision for Global Trade

As global trade tensions persist, China has emerged as a strong advocate for multilateral cooperation. Lou’s comments reflected this stance, as he called on all nations to work together to safeguard the multilateral trading system.

“China is willing to strengthen cooperation with all countries to jointly oppose unilateralism and protectionism,” he said.

This vision of global trade is rooted in the belief that no country can thrive in isolation. By promoting inclusive economic globalization, China aims to create a level playing field where all nations can benefit from trade.

At the same time, China is committed to addressing its own challenges. Whether it’s revitalizing domestic demand or harnessing new productive forces, the country is taking proactive steps to ensure its economy remains on a stable growth trajectory.

6. Looking Ahead: Building a Stronger Economic Future

As the Two Sessions continue, China is expected to outline a detailed roadmap for its economic priorities. Premier Li Qiang’s government work report will provide clarity on the targets and measures for the year ahead.

Analysts expect a strong focus on household consumption, with policies aimed at boosting spending and reducing savings rates. This approach aligns with China’s long-term goal of transitioning to a more consumption-driven economy.

In the meantime, China is betting on its proven track record of resilience to navigate the current economic challenges. By leveraging its strengths, embracing reform, and collaborating with the international community, China is confident in its ability to build a stronger economic future.

As Lou put it, “China’s economy has always grown through ups and downs and grown stronger through trials. We are confident in the prospects of China’s economy.”