Despite economic tensions and rising trade barriers, China will never give up tapping the US export market, a top Chinese official on international trade said.
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| Mr. Li Dongsheng, founder and Chairman of electronics giant TCL, shared at WEF Dalian, June 25. (Source: Bloomberg) |
Speaking at the 15th Annual Pioneers Meeting of the World Economic Forum in Dalian (WEF Dalian) on June 25, Mr. Ren Hongbin, Chairman of the Council for the Promotion of International Trade (Ministry of Commerce of China) affirmed: "We are still willing to cooperate extensively with the US in trade and investment, because everyone knows that the nature of US-China trade is mutually beneficial cooperation."
“China's biggest export market is definitely the US,” Mr. Ren added.
In 2023, for the first time in 17 years, China was officially "dethroned" by Mexico as the largest exporter to the US in terms of total value of goods shipped amid Washington's efforts to diversify supply chains and tariffs.
Mr. Ren Hongbin noted that, besides the important role of traditional markets, China is still making efforts to expand and develop emerging markets.
"Emerging markets and developing countries account for 56.7% of China's trade volume, far surpassing traditional partners such as the US and Europe," he said.
In addition, according to Mr. Ren Hongbin, geopolitical tensions and protectionism are the biggest challenges to international trade, causing high costs and disrupting global trade flows.
Last month, the US announced steep tariffs on a range of new energy imports from China, including a 100% tariff on electric vehicles (EVs) – even though the US imports very little from China.
Earlier this month, the European Union (EU) also raised tariffs on Chinese electric vehicles to 38% from next week after a seven-month investigation.
Speaking at the Dalian WEF, Li Dongsheng, founder and chairman of electronics giant TCL, said: “As a business, we face many disadvantages. We cannot influence the decisions of the US government, nor can we influence the decisions of other countries, but I believe that the general trend of globalization cannot be changed.”
The US is currently TCL's largest export market, with major products including televisions, washing machines and small electrical appliances, Li added.
“Previously, we bought components and raw materials from the US, then assembled products in China and exported them to the US. This trade process is the most efficient,” he said.
But after the US increased tariffs on Chinese products, TCL was forced to shift production of core components to China, then ship the parts to Vietnam and Mexico for assembly into final products.
“We still maintain sales in the US market and the positive result is that we have made greater value contributions to the economic development of these countries, such as in Southeast Asia. But this may not be good news for US consumers because the ‘detour’ will certainly increase costs.”
Source: https://baoquocte.vn/wef-dai-lien-trung-quoc-se-khong-bao-gio-tu-bo-my-276439.html
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