Chinese Premier Li Qiang announced at the China Development Forum that China is ready for unexpected economic shocks due to impending US tariffs. He called for global market openness and cooperation to address economic instability. Prominent business leaders are set to discuss economic strategies, while China seeks to attract foreign investment and aims for moderate economic growth despite rising trade tensions.

Chinese Premier Li Qiang emphasized the nation’s readiness to face unprecedented economic challenges as the United States is poised to announce additional tariffs next month. Speaking at the China Development Forum in Beijing, he urged global markets to open further amidst increasing economic fragmentation. “Instability and uncertainty are on the upswing,” stated Li, highlighting the necessity for collaborative resources among countries.
The forum features prominent CEOs, including Tim Cook of Apple, Cristiano Amon of Qualcomm, Albert Bourla of Pfizer, and Amin Nasser of Saudi Aramco. There are plans for these business leaders to meet with President Xi Jinping on March 28, as reported by Bloomberg News. Senator Steve Daines, a member of the Foreign Relations Committee, engaged in talks with Vice Premier He Lifeng, marking a significant dialogue between US and Chinese officials since President Trump’s return to power.
During the forum, Premier Li reaffirmed commitments from the central bank to cut interest rates and reserve requirements “when timely,” pledging support to maintain economic stability. His statements come as China seeks to rejuvenate foreign investment, which fell to its lowest level in over thirty years last year, amid slowing growth and rising trade tensions.
The US is nearing the completion of a review regarding Beijing’s adherence to the phase-one trade agreement from Trump’s first term, potentially imposing extensive reciprocal tariffs. Meanwhile, Chinese authorities are leveraging private sector developments, such as the AI startup DeepSeek, to present China as a global stability force. They have also introduced a consumption action plan to safeguard the economy from external threats.
China aims for a 2025 economic growth target of approximately 5%, while elevating its fiscal deficit objectives to the highest in over thirty years. Economists warn that intensified trade conflict with the US may necessitate major stimulus measures to achieve this year’s growth goals.
Preliminary data reveals drastic declines in Chinese imports of American goods, including cotton, large vehicles, and energy products, reflecting retaliatory tariffs imposed in response to US trade policies.
The China Development Forum, established in 2000 under former Premier Zhu Rongji, promotes high-level dialogue between China and the global community. In a notable departure from tradition, Premier Li delivered the keynote speech at last year’s forum, diverging from years of vice-premier addresses, as China endeavored to mitigate negative perceptions regarding its economy.

In summary, Premier Li Qiang’s comments at the China Development Forum indicate China’s preparedness to confront potential economic shocks as the US prepares to announce further tariffs. In seeking to boost foreign investment and stabilize the economy, China is emphasizing global market access and collaboration. The year ahead poses significant challenges, particularly regarding trade relations with the US, necessitating strategic economic measures to meet growth targets.

Original Source: www.livemint.com

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