China to hold high-level meeting in response to US tariffs: Reuters
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China’s top leaders are set to discuss measures to boost the economy and stabilize capital markets amid the escalating trade war with the US.
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Pedestrians and office buildings are reflected on a brokerage house's window as an electronic board displays the Shanghai shares trading index in the Central Business District in Beijing on April 9, 2025. (AP)
According to Reuters, which cited sources familiar with the matter, China's top leaders are set to meet as soon as Wednesday to discuss plans to strengthen the economy and stabilize capital markets in light of the growing trade war with the US.
The meeting comes as US tariffs on Chinese imports nearly doubled to 104% on Wednesday, marking the first known high-level gathering since President Donald Trump announced “reciprocal” tariffs on China last week.
The Reuters report mentioned that senior officials from the State Council and several government and regulatory bodies were expected to attend, the sources said, speaking on the condition of anonymity. The policymakers are anticipated to focus on measures to boost domestic consumption and support capital markets, with export tax rebates among the possible topics for discussion.
The State Council Information Office, which handles media inquiries on behalf of the Chinese government, did not respond immediately to requests for comment. Trump’s tariffs have upended the global trade order, sparking fears of a recession and causing a sharp drop in global stock markets.
Although Beijing announced counter-tariffs last week and vowed to resist what it sees as blackmail, analysts believe China is feeling increasingly pressured by Trump’s tariff, as do countries that buy or assemble Chinese goods.
Top officials from key government bodies, including the People’s Bank of China (PBOC) and the Ministry of Finance (MOF), were expected to be part of the meeting, according to Reuters.
Officials from China’s Ministry of Commerce (MofCom), National Financial Regulatory Administration (NFRA), and China Securities Regulatory Commission (CSRC) were also expected to attend the meeting, according to the first source.
Some measures to stimulate China’s economy could be implemented in the coming weeks, the second source said.
The Reuters report mentioned that Chinese state media is expected to report parts of the meeting's agenda, with authorities aiming to stabilize the economy, restore confidence, and support the markets, according to the sources.
The escalating trade war with the US comes as China’s economy faces challenges from an ongoing property crisis and high local government debt, affecting both business and consumer confidence.
Premier Li Qiang emphasized on Tuesday that China’s policies this year account for various uncertainties, and Beijing is "fully capable of hedging against adverse external influences."
Chinese stocks found some support on Wednesday, as state pledges to back the market and rising interest in domestic tech firms helped cushion the impact of the latest tariff move.
