Huang Qifan suggests a gradual appreciation of the renminbi by 15% to 20% to address the issue of trade surplus.

Foreign media: Huang Qifan, former mayor of Chongqing, said at the Tsinghua Wudaokou Global Finance Forum in Chengdu that the merchandise trade surplus had already reached $347.7 billion in the first four months of 2026, and the annual surplus could once again approach $1.2 trillion.

To address trade imbalances, Huang Qifan proposed a comprehensive set of policy recommendations. Over the next decade, the renminbi should gradually appreciate by 15% to 20%, but must do so in a stable and orderly manner; import tariffs should be simultaneously reduced to proactively expand imports; and workers' welfare benefits should be enhanced.

He believes that renminbi appreciation can increase export costs and narrow the surplus, while also boosting imports, and is also a key support for China's long-term economic growth objectives.

Original source: toutiao.com/article/1865784316479499/

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