Although officially China has been repeating since last week that you do not want to lock commercial and tariff wars with any country, it is also making it clear in several interviews of authorities that will not falter when these battles arrive. The country has adopted measures to protect and contain the effects of the tariff imposed by Donald Trump, to which they already referred as “US bullying,” as announced retaliation.
“We will never stay with my arms crossed and watched as long as the rights and legitimate interests of the Chinese people are violated, nor will we get arms crossed while the international economic and commercial rules and the multilateral trade system are harmed,” said China’s Ministry of Foreign Ministry, Lin Jian.
O Infomoney listed some measures already announced. See below:
Commercial retaliation
The Chinese government announced on Wednesday that it will increase additional tariffs on products imported from the United States to 84%, as well as add six American companies to its list of unrivothed entities, as well as put 12 US entities on its export control list.
These steps, which came into force at midnight on Thursday, came after the country pledged to make unhappy and “abundant means” after the US decision to increase their so-called reciprocal tariffs on Chinese imports from 34% to 84%.
China has also filed a lawsuit against the United States in the World Trade Organization (WTO) controversy mechanism on the latest increase in tariffs.
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The China State Council’s Information Office released on Wednesday (9) a White Paper to clarify the facts about China-It relations. According to the document, relationships are mutually beneficial and win-win by nature, and cooperation benefits both sides, while the confrontation harms both, the document said.
On the other hand, China said it was willing to communicate with the US about major bilateral economic and commercial issues, as well as addressing their concerns through dialogue and “on an equality” queries. “If the United States really seeks to resolve the issue through dialogue and negotiation, they must demonstrate an attitude of equality, respect and reciprocity,” Jian told a press conference.
Films
China announced on Thursday a plan to “moderately reduce” the number of American films imported across the country. A China Film Administration spokesman said the adjustment follows market principles and reflects public preferences, as recent US increases in Chinese imports should affect Chinese public interest in US movies.
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Like the second largest film market in the world, China has always sought a high level of opening and will introduce more films from other countries to meet market demand, the spokesman said.
Regarding the preference of the internal audience, it was informed today that the successful animation sequence “Ne Zha 2” raised surprising 15.5 billion yuans (about $ 2.16 billion) worldwide, including pre-sales, according to data from the Maayan ticket platform.
Having premiered in theaters on January 29, during Chinese New Year celebrations, ENLIGHT PICTURES production is currently the fifth most box office movie of all time worldwide, behind only the 1997 James Cameron epic “Titanic”, with almost $ 2.27 billion.
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“Ne Zha 2” was also the first movie to surpass the $ 1 billion mark in a single market, the first outside Hollywood title to join the billions of dollars and the biggest box office animation movie of all time worldwide.
Capital market
China’s reaction to Trump’s “fare” did not summarize retaliation, but also to strengthen domestic markets. Given the global financial turmoil, China has revealed a series of rapid and intensive measures designed to stabilize capital markets and restore investor confidence.
Seven companies listed under China Merchants Group announced plans on Tuesday to accelerate the implementation of stock repurchase programs based on firm confidence in companies’ growth prospects.
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In addition, China’s financial regulatory authority announced measures to increase the capital investment limit by insurance funds. The goal was to expand investment channels and inject more equity into the real economy. The upper limit of the allocation index of assets was increased by 5 percentage points to some insurers.
Capital investments in the country’s emerging emerging industries were also encouraged and the promotion of new quality productive forces. After the announcement, several important insurers, including China Life Insurance, China Pacific Insurance and New China Life Insurance, expressed strong support and pledged to increase long -term capital investments, focusing on strategic emerging industries.
Lining the mattress
Even before the tariffs came into force, China was already taking steps to shielding economic effects. At the turn of the month, the Ministry of Finance reported that it was issuing 500 billion yuans (about $ 69.7 billion) in special treasury titles to support large state commercial banks in replacement of its first -level main capital.
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This measure was a complement to the announcement of China’s four main state -owned commercial banks – China’s construction bank, China’s Postal Savings Bank and Postal Savings Bank – which announced plans to raise a total combined of 520 billion yuans (about $ 72.5 billion) through the issuance of actions aimed at specific investors.
To encourage consumption, China has also established a national credit information sharing platform, which added over 80.7 billion credit records of 180 million commercial entities.
The platform has been created to help financial institutions access comprehensive small business credit information, allowing them to provide financial support to those who really need it. In February, financial institutions across the country issued a total of 37.3 trillion yuans (about $ 5.2 trillion) on loans through the platform, including 9.4 trillion yuans on credit loans. This has significantly relieved the capital restrictions faced by small private companies.
Punishment to companies
China has added 12 US companies, including Shield AI, Sierra Nevada Corporation, Cyberlux Corporation, Edge Autonomy Operations, Group W and Hudson Technologies, to its list of unrivotiled entities, the country’s Ministry of Commerce announced.
According to the authorities, these companies, disregarding China’s strong opposition, undertook a military technological cooperation with Taiwan, which would be “seriously impairing national sovereignty and the safety and development interests of China.”
The Chinese customs body suspended the import licenses of these company, with the “objective of protecting the health of Chinese consumers”.
Incentive to tourists
China has updated its tax reimbursement policy for foreign tourists, moving from a reimbursement model in departure to a reimbursement model on purchase, the state tax administration (STA) said on Tuesday.
Foreign visitors can now claim instantly claiming discounts on the Value Added Tax (VAT) at tax -free stores, allowing them to reuse the reimbursed value in real time for additional purchases. Previously, VAT discounts were only available on the way out of the country.
The change in politics, initially tested in Shanghai, Beijing, Guangdong, Shenzhen, Sichuan and Zhejiang, has now been extended to the whole country.
(With information from Xinhua Agency, Estadão Content, Reuters and Global Times)
