BEIJING (Xinhua/Internews): China stands ready to work with the international community, including the EU, to defend international trade rules, fairness and justice, a foreign ministry spokesperson said.
Spokesperson Lin Jian made the remarks at a daily news briefing when asked to share more information on the communication and coordination between China and the EU on additional U.S. tariffs.
The U.S. uses tariff as a weapon to exert maximum pressure and seek selfish gains, and puts its own interests over the public good of the international community, Lin said, noting that this is a typical move of unilateralism, protectionism and economic bullying, which severely hurts the interests of China, the EU and the rest of the world.
Lin said that as the second and third largest economies, China and the EU collectively account for over one third of the global economy and more than a quarter of global trade, adding that both sides are advocates of economic globalization and trade liberalization, and firm defenders and supporters of the WTO.
“The head of the EU underscored the vital importance of stability and certainty for a sound global economy. China and the EU are committed to a fair, free and WTO-centered multilateral trading system, and the sound and steady development of global trade and economic relations, which is in the interest of both sides and the rest of the world,” Lin said.
As a responsible major country, China has already taken resolute measures and will continue to do so to safeguard its legitimate interests, Lin said.
“China stands ready to work with the international community, including the EU, to step up communication and coordination, share development opportunities, expand opening up and cooperation, and achieve mutual benefits. We will not only safeguard respective interests, but also defend international trade rules, fairness and justice,” Lin said.
Meanwhile, Li Shiji, who owns a small grain-processing company in Shenyang of northeast China’s Liaoning Province, found it difficult to secure business loans for most of his career due to a lack of collateral. But the recent launch of a government-backed financing tool has eased his company’s financial pressures, he says.
A government financing guarantee product initiated by Liaoning Province Financing Guaranty in partnership with various banks has helped Li’s firm secure 5 million yuan (about 693,385 U.S. dollars) in much-needed loans.
By analyzing common traits among enterprises in specific industries and establishing a standardized, scenario-based financing model, the product effectively enables small and medium-sized enterprises (SMEs) and entities in rural industries to access loans. As of the end of March, the program had supported 16 county-level industrial clusters, providing 430 million yuan in guaranteed loans and sustaining 3,800 jobs.
China has promoted government financing guarantees to help small businesses and rural ventures overcome long-standing lending barriers. Unlike commercial guarantors, public financing guarantee institutions prioritize public welfare over profits, offering credit enhancement, risk sharing and lower fees to facilitate lending to small-scale borrowers.
The country has built a three-tier system to ensure the system fully covers all cities and counties. The National Financing Guarantee Fund, which is the cornerstone of the system, had backed loans totaling 5.81 trillion yuan by the end of March, benefiting approximately 5 million borrowers. Of that total, 98.96 percent was allocated to small or agricultural businesses, significantly reducing borrowing costs.
He Daixin, a finance expert at the Chinese Academy of Social Sciences, noted that government guarantees have become a key countercyclical macroeconomic tool, supporting growing numbers of SMEs and rural entities.
