China’s leaders vow economy help as US talks in limbo
China’s senior leaders promised to help companies hit by the US higher US tariffs, but they are standing in major moves after trade talks with the US.
During the summer economic planning meetings, the powerful politicus of the ruling communist party promised to balance foreign trade and investment.
“We should help foreign trade enterprises,” seriously affected, strengthening financing support and encouraging the integration development of domestic and foreign trade, “the official Xinhua News Agency reported on Wednesday. He said.
He talked about export tax reductions and free trade pilot regions, but did not give any other features.
The inconclusive result of two -day trade talks in Stockholm, Sweden, leaves the problem of higher tariffs in China’s US exports.
Chinese Vice President LiFeng said the two sides agreed to work to extend a deadline for higher tariffs.
The US side said the extension was discussed but did not decide.
US Treasury Secretary Scott Bessent said that after the negotiations, President Donald Trump will decide to extend the deadline for an agreement for an agreement or to return to a higher level for 90 days.
“We didn’t give a sign, Bess Bessent said, stressed that the talks were“ very constructive ”.
After making agreements with other key trade partners, including China, England, Japan and the European Union, it continues to be one of the biggest challenges for the Trump administration after making agreements on high tariff rates.
Many analysts expected Stockholm negotiations to result in a 30 percent US tariff in Chinese goods and a 10 percent tariff in US products to resulted in an extension of existing tariff levels, which were much lower than the three -digit percentages collected in April.
The ceasefire in the battle of tariffs allowed exporters and other traders to accelerate shipments in the hope of defeating higher tariffs that could follow.
The meeting, chaired by the Chinese leader Xi Jinping, reiterated Beijing’s priorities for the year, which led to an increase in exports by industries that could not find growth at home, including the need to “release domestic demand”.
He also emphasized the need to encourage jobs and prevent “a large -scale recurrence of poverty”.
The Xinhua report said that the economy was “strong vitality and flexibility, but accepted many risks and difficulties.
This includes a series of ruthless competition, which leads to damaging price wars between automobile manufacturers and some other manufacturers and to manage excess capacity in some industries.
The Chinese economy expanded by 5.2 percent annually in April-June and slowed down to the previous quarter.
Even with higher tariffs, companies feel a pinch.
According to data released this week, industrial profits in China fell 1.8 percent in the first half of the year and 4.3 percent in June.
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