Nation diversifying market amid global trade volatility

China will step up market diversification and reduce reliance on the United States market, as Washington’s volatile tariff policy has become a major source of global economic uncertainty, officials and exporters said on Monday.

The US’ unwarranted imposition of tariffs has trampled on the legitimate rights of many countries and disrupted normal trade flows, they said, adding that these countries are now seeking to strengthen trade ties elsewhere to reduce their exposure to US-driven volatility.

Speaking at a news conference in Beijing, Wang Lingjun, deputy head of China’s General Administration of Customs, said the country will continue working with partners such as the European Union and the Association of Southeast Asian Nations to deepen trade and economic cooperation and oppose the US’ hegemonic practices.

Lyu Daliang, director of the GAC’s department of statistics and analysis, said that despite a complex and challenging external environment, “the sky won’t fall” for China’s exports.

According to data released by the GAC on Monday, China’s foreign trade recorded a steady performance in the first quarter, with the total goods trade value growing 1.3 percent year-on-year to 10.3 trillion yuan ($1.41 trillion).

“China has made steady progress in diversifying its foreign trade market in recent years, bolstering the development of its trading partners while strengthening its own economic resilience,” Lyu said.

Data shows that China’s export and import value with countries and regions involved in the Belt and Road Initiative totaled 5.26 trillion yuan in the first quarter, up 2.2 percent year-on-year, while its trade with ASEAN member states soared 7.1 percent year-on-year to 1.71 trillion yuan.

Zhou Mi, a researcher at the Beijing-based Chinese Academy of International Trade and Economic Cooperation, said that in the face of the US’ unilateralism and protectionist practices, China has stepped forward with a clear stance and resolute actions to directly respond to and refute the flawed logic and bullying behavior of the US.

China’s actions have received support from many of its trading partners for providing greater certainty, space for enhanced international cooperation and the stabilization of global supply chains, Zhou said.

Last week, China and the EU agreed to begin negotiations on electric vehicle pricing commitments and discuss investment cooperation in the automotive industry.

The EU is ready to strengthen communication with China and promote expanded two-way market access, investment and industrial cooperation, according to the Ministry of Commerce.

To mitigate the risks caused by the US’ tariff hikes, China’s major foreign trade cities, including Dongguan and Shenzhen in Guangdong province, Suzhou in Jiangsu province and Ningbo in Zhejiang province, have introduced policies to develop emerging markets, explore opportunities in domestic sales and cope with global supply chain disruptions.

Echoing China’s efforts to enhance global industrial cooperation, Ningbo Corelead Optoelectronics Technology, an electronic equipment manufacturer in Zhejiang, has adopted a global production strategy, manufacturing core components in China and conducting further processing at its overseas plant, according to Ningbo Customs.

“Establishing a production base in Serbia has enabled us to export domestically made core components for assembly and distribute the finished products across Europe, cutting our order fulfillment time by more than 25 days,” said Yu Xiongwei, the company’s president.

Ningbo Corelead’s sales in the European market outperformed those in other regions during the first quarter, Yu added.

zhongnan@chinadaily.com.cn