China's top legislator meets with visiting Finnish president on relations

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China

China's top legislator meets with visiting Finnish president on relations

2024-10-29 20:50 Last Updated At：23:57

China's top legislator Zhao Leji met with visiting Finnish President Alexander Stubb in Beijing on Tuesday to discuss relations between their two countries.

At the meeting, Zhao, chairman of the National People's Congress (NPC) Standing Committee, said that over the past 74 years since the establishment of diplomatic ties between the two countries, China-Finland relations have maintained a good momentum of growth, setting an example for peaceful coexistence and friendly exchanges between countries of different sizes, cultures and systems.

China is willing to work with Finland to implement the important common understandings reached by President Xi Jinping and President Stubb, enhance strategic mutual trust, expand mutually-beneficial cooperation, advance people-to-people exchanges, and strengthen multilateral cooperation, so as to promote sustained and steady growth of future-oriented new-type cooperative partnership between China and Finland, Zhao said.

Zhao said the National People's Congress of China will work with the Finnish parliament to carry forward traditional friendship, strengthen communication and cooperation, and enhance exchanges of experience in legislative and supervisory work and governance, in contributing to the development of China-Finland relations.

Noting that Finland values its relations with China, Stubb said Finland is willing to expand exchanges and cooperation with China in various fields, strengthen exchanges between the legislative bodies of the two countries, support multilateralism and free trade, and jointly address global challenges.

Stubb is paying a state visit to China from Oct 28 to 31 at the invitation of Xi.

Japan's economy faces multiple shocks from US tariffs: expert

2025-04-10 19:59 Last Updated At：20:07

Japan's economy faces major shocks after the United States imposed its "reciprocal tariffs" policy, according to a Japanese expert.

The U.S. has imposed a 25 percent tariff on imported cars and introduced an additional 24 percent reciprocal tariff on Japanese products starting Wednesday. These measures have raised concerns about potential systemic risks to the global economy.

In an interview with China Central Television Network (CCTV), Nobuhiko Hibara, an associate professor from Waseda University's business school, highlighted the severe impacts of the U.S. trade protectionist measures on Japan's key industries, including automobiles.

"Japan exports about 30 to 33 percent of its cars to the United States. So, that's the part which affected the most. If Japan's automobile exports to the U.S. decrease by around 500,000 vehicles, Japan's nominal GDP is projected to contract by approximately 0.3 percent. The impact is enormous. Of course, prices will go up. Consumption will also shrink," he said.

While the United States claims to address the hollowing out of American manufacturing, it is essentially a form of trade protectionism, noted the expert.

"Even if the so-called U.S. trade deficit is reduced by the imposition of tariffs, but if the trade volume itself decreases, even reducing the trade deficit will not help. So, countries are very worried right now about the risk of an overall global economic contraction," he said.