BEIJING (Reuters) -China’s Premier Li Qiang called on the country’s exporters on Tuesday to diversify their markets to cope with “profound” external changes, and vowed to support more domestic consumption, state media reported.
China has been hit with the highest tariffs in U.S. President Donald Trump’s moves to impose hefty duties on imports. Last week, Trump hiked duties on Chinese imports to 145%, prompting Beijing to jack up levies on U.S. goods to 125% in an intensifying trade war between the world’s two biggest economies.
“At present, profound changes in the external environment have adversely affected China’s foreign trade and exports,” state radio cited Li as saying in Beijing.
“We should calmly respond to the difficulties and challenges brought by external shocks, promote consumption and expand domestic demand with greater efforts,” said Li, who did not mention Trump or the U.S. in his remarks.
Chinese companies should actively explore diversified markets, innovate trade channels and methods, and strive to stabilise foreign trade, Li said.
China will help high-quality foreign trade products expand into the domestic market and steadily promote the integrated development of domestic and foreign trade, he added.
China’s exports rose sharply in March after factories rushed out shipments before the latest U.S. tariffs took effect, but the escalating Sino-U.S. trade war has darkened the outlook for Chinese factories and growth.
Li also pledged to take steps to stabilise employment, promote income growth, and strengthen social safety nets to help boost consumption.
There is still significant room for development in China’s real estate market and efforts should be made to further unlock market potential, Li said.
(Reporting by Ethan Wang and Kevin YaoEditing by Andrew Heavens and Frances Kerry)
