The international pressure has impeded Beijing’s plans for new economic growth points, with Canada considering tariffs on Chinese EVs and batteries. China faces internal economic challenges like weak consumer confidence and local government debt. Despite this, Premier Li pledges to achieve a 5% GDP growth target and the upcoming third plenum aims to set development goals for the next decade. Peng Sen advocates for a better environment for competition, emphasizing government support for market entities and private firms’ creative development.
Ren Hongbin of the China Council for the Promotion of International Trade affirms China’s commitment to the US market despite shifting trade dynamics. China’s strategic relocation of industries to Southeast Asia and Mexico to evade US tariffs is proving effective, with emerging markets leading in trade volume. Various global economic trends and insights are discussed, highlighting the importance of market competitiveness and international cooperation in navigating the evolving economic landscape.