Several Chinese businesses from various industries, including an e-commerce exporter and a toy maker, told the Global Times that they are confident in withstanding the impact from the US' protectionist tariffs despite some impact, as they have been exploring other markets and their products remain competitive globally.
"If one market is not favorable, we can always turn to others. E-commerce exports are not limited to the US market," Yao Zhengzheng, president of Ningbo-based e-commerce company Zhengzheng Electronic Commerce Co, told the Global Times, adding that the company is increasingly focusing on expanding its business to emerging markets such as Central and Eastern Europe and Central Asia.
"As a cross-border e-commerce company, we certainly have some worries and concerns. But we are confident the quality and cost-effectiveness of Chinese products still have advantages in the international market," Yao said.
Yao is just one of many Chinese businesses that have been adjusting their global strategies amid the US's imposition of tariffs.
Wang Xiaonan, general manager of Conan Tools, a hardware company based in Yiwu, East China's Zhejiang Province, told the Global Times that the company recently dispatched a manager to explore the African market.
"The discussions are progressing well. Previously, the company neither had African clients nor had entered the market, and it also never had customers from South American countries," Wang said, adding that discussions on cooperation were in progress.
Wang said that the company has the confidence to resolve the risks related to the US market based on its broad customer distribution, as the US accounts for a relatively small share.
A representative of a toy factory based in Shantou, South China's Guangdong Province told the Global Times that the company has previously conducted businesses in the European and Southeast Asian markets, and it is now shifting focus to strengthening trade discussions with these regions to increase shipment volumes.
The CEO of a Beijing-based start-up dedicated to intelligent pet robots surnamed He told the Global Times that the company has been diversifying its market presence from the start by launching products in Europe and Southeast Asia simultaneously. He expressed confidence in sales growth across the two regions for the new concept of combining emotional value with artificial intelligence.
When asked what policies the Ministry of Commerce (MOFCOM) will implement to help exporting companies alleviate the negative impact of trade tariffs, MOFCOM spokesperson He Yongqian on Thursday said that China will remain focused on running its own affairs well, using China's certainty to offset the uncertainties of the external environment.
China will also support foreign trade firms facing export difficulties in tapping into the domestic market, make full use of policies such as the trade-in program for consumer goods, and use other initiatives to promote integration between domestic and foreign trade, He Yongqian said.
The potential of China's super-large market continues to be released, and policies to stabilize the economy and foreign trade continue to be implemented. China's foreign trade sector has the confidence to deal with various risks and challenges, the spokesperson said.
Meanwhile, many have warned that the US' imposition of tariffs against China and other countries will increase prices of various products for US consumers. Tariff hikes will result in a loss of purchasing power of $3,800 per American household on average in 2024 dollars, according to estimates by Budget Lab at Yale released on April 2.
The representative of the Shantou-based toy factory said that the company plans to reduce shipments to the US after the current deliveries, lowering the shipments from 50 percent to 10-20 percent with a potential price increase, adding that the tariffs would eventually pass down to consumers.
