Chinese officials reiterated their plan to strengthen support for employment and the economy, as a trade war with the Trump administration continues with no immediate off-ramp in sight.The government will “fully prepare contingency plans, and constantly improve the policy toolbox for stabilizing employment and the economy,” Zhao Chenxin, Vice Chairman of the National Development and Reform Commission, said in a Monday briefing.
The remarks add to Chinese policymakers’ repeated attempts to reassure the public that China will take measures to aid growth as record US tariffs have dented the economy’s outlook. Zhao said authorities are “fully confident” in reaching the expansion target of around 5% for 2025.
Zhao largely repeated vows last week by the decision-making Politburo, led by President Xi Jinping, to prepare for external shocks. He also highlighted the economy’s resilience in the first three months of the year, including the stronger contribution of domestic demand to growth compared to the previous quarter.Beijing is signaling it’s in no rush to be aggressive in expanding economic stimulus weeks after unveiling measures including a commitment to run a record-high budget deficit.China also appeared to have resisted jumping into any trade negotiations with Trump. Officials last week dismissed claims that there were talks on reaching a trade deal and reiterated a demand for Washington to revoke all unilateral tariffs. Officials from the Ministry of Human Resources and Social Security, Ministry of Commerce and the People’s Bank of China also attended the briefing.
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