China Commerce Ministry: to increase support for trade firms in finance and employment, ensure production and contract fulfillment

China Commerce Ministry: to increase support for trade firms in finance and employment, ensure production and contract fulfillment

The Chinese Commerce Ministry has announced a series of measures to support trade firms amidst the escalating US tariffs. The ministry will hold talks with exporters from various sectors, including chemicals, gems, and jewelry, to explore new market opportunities and mitigate the impact of the steep 50% tariffs imposed by the US on Indian goods [2].

The Commerce Ministry's efforts come as India faces significant challenges due to the US tariffs, which are expected to affect exports worth more than $48 billion. The sectors most affected include textiles/clothing, gems and jewelry, shrimp, leather and footwear, animal products, chemicals, and electrical and mechanical machinery [2].

China has been actively addressing global trade volatility and supporting the multilateral trading system through the Shanghai Cooperation Organization (SCO). The SCO, which includes nearly half of the world's population, is expected to send a clear signal opposing unilateralism and actions that undermine global economic stability [1].

Under the SCO's guidance, China has been expanding its trade and investment with member states. In 2024, trade between China and other SCO member states reached a record high of $512.4 billion, up 2.7% year-on-year [1]. Additionally, China's total investment stock in SCO member states exceeded $84 billion as of July, with cooperation extending to emerging fields like the digital economy and green development [1].

The Commerce Ministry's support for trade firms will focus on finance and employment to ensure production and contract fulfillment. This initiative is aimed at bolstering India's trade resilience and promoting regional economic integration.

References:
[1] https://www.globaltimes.cn/page/202508/1341859.shtml
[2] https://www.business-standard.com/industry/news/commerce-ministry-holds-talks-with-exporters-to-counter-steep-us-tariffs-125082700440_1.html