Chinese officials have downplayed the potential impact of U.S. tariffs on the nation’s economic recovery, despite analysts warning of risks to growth. Zhao Chenxin, vice head of the National Development and Reform Commission, expressed confidence in achieving China’s 5% growth target for 2025. While acknowledging global trade tensions, Zhao emphasized China’s focus on domestic policies. The International Monetary Fund and major banks like Goldman Sachs and UBS have revised their forecasts downward for China’s growth due to tariff impacts. In response to escalating trade tensions, China has pursued diplomatic efforts in Southeast Asia and signaled possible retaliation against countries aligning with the U.S.
— new from Reuters
