China - November 26, 2024 China rolls out new measures to stimulate foreign trade (Voice_over) China has rolled out targeted measures to boost foreign trade and support enterprises in navigating global markets. (Sound_bite) Wang Shouwen, Vice Commerce Minister; China's international trade representative: "We will enhance financial support and expand the scale and coverage of export credit insurance. Boost underwriting support for specialized 'small giants' and 'hidden champions'. Strengthen credit investments in foreign trade and increase financing support for small and medium-sized foreign trade enterprises." (Voice_over) According to data from the General Administration of Customs, China's foreign trade imports and exports grew by 5.2 percent year-on-year in the first 10 months of 2024. The country's Vice Minister of Commerce says China's economy has shown great resilience and is capable of withstanding external challenges and impacts. (Voice_over) U.S. President-elect Donald Trump has threatened to impose tariffs of over 60 percent on all Chinese goods. In response, Beijing has called for stable, healthy, and sustainable trade relations between the world's two largest economies. (Sound_bite) Wang Shouwen, Vice Commerce Minister; China's international trade representative: "China is willing to conduct active dialogue with the United States based on the principles of mutual respect and peaceful coexistence, to expand areas of cooperation, manage differences, and promote stable and far-reaching bilateral economic and trade relations." (Voice_over) To address exchange rate challenges, the People's Bank of China says cross-border trade settlement will be optimized. (Sound_bite) Liu Ye, Head of International Department, People's Bank of China: "Our primary role is to uphold the market's decisive role in exchange rate formation while maintaining yuan flexibility. We will guide expectations to prevent one-sided market views, guard against exchange rate overshooting, and ensure yuan stability at a reasonable, balanced level." (Voice_over) China has also pledged to further expand visa-free policies, support cross-border e-commerce and the export of specialty agricultural products. Together, these measures aim to energize China's foreign trade for a sustainable future. [Restriction: No access Chinese mainland]