Commerce Minister Wang Wentao (center), China Securities Regulatory Commission Chairman Wu Qing (left) and National Development and Reform Commission Director Zheng Shanjie attend a news conference during the third session of the 14th National People's Congress in Beijing on Thursday. (ZHANG WEI/CHINA DAILY)
China is open to dialogue with the United States on an equal footing to address mutual concerns but will firmly defend its interests if Washington continues its tariff hikes and protectionist policies, the country's top commerce official said on Thursday.
Speaking at an economy-themed news conference during the ongoing annual legislative meetings, Commerce Minister Wang Wentao said the U.S. tariff escalations and other protectionist measures have disrupted normal economic and trade relations between the two nations, while destabilizing global supply chains and hindering economic growth.
The U.S. government doubled the additional tariff on all Chinese imports to 20 percent earlier this week, reinforcing its tariff strategy.
"These moves will inevitably harm U.S. businesses and serve as a typical example of irrational decision-making," Wang said.
The commerce minister stressed that there are no winners in a trade war and that the U.S.' unilateral actions contradict global economic trends, triggering widespread concern and opposition from the international community.
"If the U.S. truly seeks solutions, it should act with the responsibility of a major power and adopt the right approach to engagement," Wang said, adding that the two sides could meet at an appropriate time and that their teams should engage in communication as soon as possible.
Amid geopolitical tensions and rising protectionism, Wang said China will focus on policy reinforcement and expanding trade in services to stabilize foreign trade this year.
To overcome challenges and advance high-quality trade development, he said new support policies will be swiftly assessed, formulated and implemented as needed.
Highlighting trade in services as a key growth point for foreign trade, Wang said the government will promote openness, establish supportive platforms, fully implement the negative list for cross-border trade in services and launch pilot zones for innovative service trade development.
Unlike goods trade, trade in services refers to the sales and delivery of intangible services such as transportation, tourism, telecommunications, advertising, education, computing and accounting.
Reflecting on China's trade resilience in recent years, Wang reaffirmed the government's confidence in stabilizing foreign trade and strengthening the country's position as a leading trading nation.
China's trade partnerships have become more diverse, with the country now a major trading partner for more than 150 nations. Trade between China and economies participating in the Belt and Road Initiative accounted for more than half of its total foreign trade for the first time last year, according to the Ministry of Commerce.
To mitigate risks caused by the U.S. tariff hikes, Ningbo Xingye Shengtai Group Co, a copper alloy strip manufacturer in Zhejiang province, has shifted its market focus toward emerging economies such as Vietnam and Brazil.
"Previously, the U.S. was our primary export destination. However, with growing uncertainties, we are now looking to explore more new markets such as Southeast Asian countries," said Yu Zhongting, head of the company's foreign trade unit.
The company's export value surpassed 20 million yuan ($2.76 million) in the first two months of this year, with orders already secured through the end of the year, according to Ningbo Customs.
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