Reference News Network July 2 report: According to the Japanese Yomiuri Shimbun website June 30 report, China is able to take a firm stance against the US trade war because it can use exports to other countries and regions to compensate for the decline in exports to the United States. In addition, the continuous improvement of domestic high-tech industry's localization has deepened China's confidence in achieving "self-reliance and self-strengthening."

The report said that many shop owners in the Yiwu International Trade City are looking for markets outside the United States.

Official data shows that in 2024, the total import and export volume of Yiwu City increased by 18.2% to 668.9 billion yuan. Looking at the distribution by country and region, African countries ranked first. It is expected that the presence of the United States in trade will further decrease in 2025.

The report said that in May this year, China's exports to the United States fell by 34.5% year-on-year to 28.8 billion US dollars, while China's overall exports increased by 4.8%. The reduction in exports to the United States has been offset by exports to other countries and regions such as ASEAN and the European Union.

The report said that the decreasing dependence on the United States can also be confirmed from the share of trade surplus in China's GDP.

In the early days of Trump's first term in 2017, China's trade surplus with the United States accounted for 2.2% of its GDP, but by 2024 it had dropped to 1.9%. On the other hand, the trade surplus with countries and regions outside the United States accounted for 1.2% of China's GDP in 2017, which expanded to 3.3% in 2024.

This means that the impact of the decline in Sino-US trade is smaller than before.

The report said that the improvement of China's localization level in high-tech fields such as semiconductors and artificial intelligence is also an important reason for its increasing confidence.

The report said that in cutting-edge technology areas, China still relies on US technology, and it is sincere to want to stabilize relations with the United States. However, while demanding the US to lift the ban, China is also actively promoting "technological self-reliance and self-strengthening" to prepare for a prolonged confrontation with the US.

The report pointed out that China is vigorously attracting demand from countries outside the United States. Since April, China has signed a series of economic agreements and memoranda of understanding with countries in regions such as ASEAN and South America. In May, the fourth ministerial meeting of the China-CELAC Forum was held in Beijing, with Brazilian President Lula and other leaders attending.

Suzuki Takahiro, head of the economic research team of Marubeni China Branch, said that many countries in the Middle East and Africa regard China's low-price exports as a boost to their economies, which has also earned recognition for Chinese enterprises. (Translated by Liu Lin)

Original text: https://www.toutiao.com/article/7522355359848219190/

Statement: This article represents the views of the author. Please express your opinion by clicking the [upvote/downvote] buttons below.