Economic resilience limits impact of tariffs
MA XUEJING/CHINA DAILY Editor's note: China's economy remains resilient with reforms continuing to yield results in the last year of the 14th Five-Year Plan despite the internal and external pressures, while confidently moving toward realizing high-quality development. The US administration is contemplating its next move following China's swift response to the US' recent arbitrary increases in tariffs on Chinese goods. China's unparalleled industrial ecosystem is perhaps the best explanation for its economic resilience in the face of external pressures. Rather than witnessing the predicted mass exodus of manufacturing industries, China executed a multifaceted strategy by accelerating industrial upgrading toward higher-value goods, selectively relocating tariff-affected export operations to third countries, and strengthening regional supply chains through initiatives such as regional free trade agreements. The expansion of free trade zones to 22 regions, along with the development of the Hainan Free Trade Port, demonstrates China's commitment to high-level institutional opening-up despite rising protectionism in some countries.
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