China has ample policy tools to counter the effects of U.S. tariff hikes, using challenges as a catalyst for economic transformation and sustained growth, according to an economist from the Chinese Academy of Social Sciences.
In a recent interview with China Media Group (CMG), Zhang Bin, deputy director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, stated that U.S. tariffs have spurred China's efforts to boost domestic demand. He added that these trade challenges could pave the way for a more efficient economic model with improved resource allocation. "I am confident about this because you can see that after September 26 our counter-cyclical policies and our policies to expand domestic demand have been taking effect. From the fourth quarter of last year to the first quarter of this year, we have been on a path of improvement. It is just that we are now suddenly faced with a huge shock. The good thing is that we have a large policy space, and our inflation level is very low, so we have enough tools and means to solve the problem," Zhang said.
Zhang emphasized that fair competition fosters mutual benefits in global trade, adding that China remains committed to promoting openness and fair competition, regardless of U.S. actions.
"China is currently in a stage of ascent. Chinese enterprises are in a stage of rising within the global industrial chain. As you rise, the more you climb, the more competition you will face from enterprises in developed countries, and the more competition there is, the greater the challenges. The attitude towards competition from China, compared to the past, has changed. We must first understand one thing: what does competition actually bring, especially after China entered the competition? As those of us studying the market economy know, competition leads to a win-win situation. However, the actions of the United States are currently disrupting global fair competition and breaking the win-win scenario," Zhang said.
"China has to keep a major power's open mindset, and that is no matter what the United States does, China's direction remains to create a win-win situation instead of a lose-lose one. You can see from important political documents and meetings that we are still emphasizing high-level opening up. First we open up ourselves, but we will also bring in more strengths to open up together with us. We need to unite the majority and create a win-win, multi-win situation. I believe China has the strength and ability to lead the world toward such an open situation, where everyone is better off with competition," he added.
China has ample policy tools to manage trade pressures: expert
China's waterway passenger traffic during the five-day May Day holiday is projected to reach 7.75 million trips, more than 11 percent higher year on year as sailing continue to gain popularity as a holiday activity in recent years.
The holiday, celebrated annually from May 1-5, is one of China's busiest travel and leisure periods, as people across the country take advantage of the time off to relax, travel and seek out entertaining activities.
Nighttime sightseeing tours are already seeing significant growth this holiday period, with riverfront cities like Liuzhou, Guangzhou, and Ningbo reporting heightened interest.
In Liuzhou City of south China's Guangxi Zhuang Autonomous Region, the Liujiang River -- dubbed the "Hundred-Mile Liujiang" for its scenic waterfront -- is expected to attract 38,400 night cruise passengers during the holiday.
"It feels so comfortable and pleasant in this gentle breeze," said a passenger aboard a river ship.
Guangdong Province's Pearl River cruises have sold tickets for over 900 trips that will take place during the five-day holiday, serving more than 150,000 passengers. To enhance tourism appeal, operators introduced combo tickets bundling daytime river tours with visits to the Guangdong Provincial Museum.
Meanwhile, eco-friendly electric vessels, praised for reduced noise and emissions, dominated the night cruise fleet in the provincial capital of Guangzhou.
In preparation for increased passenger flows, maritime authorities prioritized safety checks on new-energy ships, including inspections of battery systems and crew training.
"We focused on conducting a safety hazard inspection of the battery power equipment of new energy ships and strengthened the inspection of the crew's operation ability of the battery power equipment," said Yao Zhi, vice-captain of the Xihe maritime patrol enforcement brigade under the Neigang Maritime Safety Administration in Guangzhou.
In Ningbo, another coastal city in east China's Zhejiang Province, the estuary of the Yuyao, Fenghua and Yong Rivers has been designated as the starting point of the "Three Rivers Night Tour" route, offering views of the city's bridges and waterfront landmarks.
Local officials implemented real-time monitoring of cruise operations to ensure safety.
"By setting a night cruise ship live monitoring special channel, we provide full-process safety protection for passengers from the moment they board the ship until they all disembark. We focus on conducting full coverage inspections of vessels in the waters around passing passenger ships," said Zhao Houyong, vice-captain of the Jiangxia maritime patrol enforcement brigade of the Sanjiangkou Maritime Safety Administration in Ningbo.
China's waterway to handle over 7.7 mln passenger trips in May Day holiday
