China to hold high-level meeting to discuss countermeasures against US tariffs

The meeting comes as US tariffs on Chinese imports nearly doubled to 104% on April 9, Reuters reported. It is China's first high-level meeting since US President Donald Trump announced reciprocal tariffs on Chinese goods last week.

Senior officials from the State Council and various government agencies and regulators are expected to attend the meeting, including representatives from the People's Bank of China, the Ministry of Finance, the Ministry of Commerce, the National Financial Supervisory Authority and the China Securities Regulatory Commission, according to two sources.

Chinese officials will discuss measures to boost domestic consumption and support capital markets. Initiatives such as export tax refunds are also likely to be discussed.

Several measures to stimulate the world's second-largest economy are likely to be rolled out in the coming weeks.

China's State Council Information Office did not immediately respond to a request for comment.

Chinese state media are expected to report part of the meeting's agenda, as authorities seek to stabilize the economy and markets and restore confidence.

Meanwhile, at a regular press conference, Chinese Foreign Ministry spokesman Lin Jian affirmed that the country is committed to taking resolute and effective measures to protect its rights and interests. He said: “The US is still arbitrarily imposing tariffs on China and constantly exerting extreme pressure. China firmly opposes it and will never accept it. If the US ignores the interests of both countries and the international community and deliberately launches a tariff war and trade war, China will fight to the end.”

China has not announced immediate retaliatory measures against Mr Trump's latest round of tariffs.

Chinese Premier Li Qiang said on April 8 that China's policies this year have fully taken into account various unpredictable situations, and affirmed that the country is fully capable of responding to adverse external influences.

Amidst the volatile sentiment in the financial and stock markets, large Chinese enterprises and corporations have announced measures to support the capital market, injecting real financial resources, bringing confidence and contributing to market stability.

On the morning of April 8, before the market opened, a series of major announcements were made to send a positive signal to maintain the stability of the capital market. The People's Bank of China announced that it would firmly support the Central Huijin Investment Fund's efforts to stabilize the stock market.

The Financial Supervisory Authority issued a notice to raise the equity asset allocation ratio limit by 5% for some segments to provide more equity capital to the real economy.

Previously, since the afternoon of April 7, a series of market stabilization moves have been continuously implemented. Large state-owned enterprises such as China Chengtong and China Reform Holdings have also announced increased share purchases, enhancing positive signals and strengthening investor confidence. In addition, many listed companies such as CATL, Haier Smart Home, Wanhua Chemical, etc. have announced plans to repurchase or increase share purchases, demonstrating strong confidence in future development prospects.