Chinese province urges firms to seize the day as Xi-Trump meeting provides trade stability
As final preparations are being made for President Xi Jinping’s trip to Washington this month, one export-oriented Chinese province has urged businesses to “grasp the window” of relative stability in China-US ties to boost shipments. The hope among regional officials for more trade lays bare the dependence some key Chinese localities still have on America despite diversification and decoupling.…
Zhejiang, a Chinese province heavily reliant on American trade, has encouraged businesses to capitalize on recent relative stability between the two nations to increase exports to the US. With President Xi Jinping set to visit Washington this month, local authorities have urged companies to boost production and expedite deliveries to the US, the province's largest overseas market.
This comes as the top Chinese leaders meet with their American counterparts, providing a "favorable climate" for expanding exports. Wanxiang Group, an auto-parts manufacturer with a significant US presence, was among those receiving official support. US officials, including Senator Steve Daines and Ambassador David Perdue, have also visited Zhejiang to discuss strengthening economic and trade cooperation.
Officials are optimistic about the potential for the US-China relationship to remain stable, helping to insulate trade from shocks. Zhejiang's exports have already grown 10% year-on-year to 2.66 trillion yuan in the first seven months, with the US and Europe being the largest destinations. Despite efforts to diversify trade partners, Zhejiang remains heavily dependent on the US for economic growth.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
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