Photo:Xinhua

In response to the question regarding the impact of the US tariffs on China's GDP，Sheng Laiyun, deputy director of the National Bureau of Statistics (NBS), emphasized on Wednesday that the Chinese economy has weathered many storms, and we have all overcome them.

Over the past decade or so, the Chinese economy has withstood various severe tests, such as the Asian financial crisis, the global financial crisis, the China-US trade frictions, and the severe impact of the COVID-19 pandemic. However, we have pulled through all these difficulties and accumulated rich experience in macroeconomic regulation and control, Sheng said.

Regarding the external situation this year, the Central Economic Work Conference has made comprehensive preparations in advance. In the first quarter, the effects of these policies continued to emerge, playing an important role in enabling the national economy to achieve a good start, Sheng said.

According to the data released by the NBS, China’s GDP in the first quarter increased by 5.4 percent year-on-year and grew by 1.2 percent quarter-on-quarter compared to the fourth quarter of last year.

Sheng stated that China firmly opposes US’ tariff barriers and trade bullying and such practices are harmful and do no one good. In the short term, the high tariffs imposed by the US will bring pressure on trade and the economy. However, they cannot change the long-term positive trend of the Chinese economy. 

“The Chinese economy has a stable foundation and strong resilience. We have the ability and confidence to address external challenges and achieve economic development goals,” Sheng said.

Sheng said Chinese products are highly competitive internationally and enjoy a strong global reputation. In recent years, China has actively expanded into international markets and built a diversified trade structure, achieving notable results.

As this diversified trade pattern takes shape, China’s reliance on any single export market or country is decreasing. For instance, exports to the US accounted for 19.2 percent of China’s total exports in 2018, but this figure dropped to 14.7 percent last year, Sheng noted.


Global Times