As Trump pursues isolationism, China vows to spend more and open to the world
China and the US presented contrasting economic visions on Wednesday, with China pledging increased spending to boost growth and the US vowing to cut federal spending and impose tariffs. Premier Li Qiang announced China would open further to the world and support the multilateral global order, while President Trump declared a global tariff war and promised to balance the US budget through spending cuts.
China's planned economic stimulus includes setting the 2025 deficit-to-GDP ratio at around 4%, a 1% increase from last year, and issuing 1.3 trillion yuan in ultra-long special treasury bonds, up 300 billion yuan from the previous year. This aims to maintain an economic growth target of "around 5%" for the year. Trump, on the other hand, expanded his tariff regime to include India, South Korea, and the EU, alongside existing tariffs on China, Mexico, and Canada.
via SCMP Full Text Feed
China and the US presented contrasting economic visions on Wednesday, with China pledging increased spending to boost growth and the US vowing to cut federal spending and impose tariffs. Premier Li Qiang announced China would open further to the world and support the multilateral global order, while President Trump declared a global tariff war and promised to balance the US budget through spending cuts.
China's planned economic stimulus includes setting the 2025 deficit-to-GDP ratio at around 4%, a 1% increase from last year, and issuing 1.3 trillion yuan in ultra-long special treasury bonds, up 300 billion yuan from the previous year. This aims to maintain an economic growth target of "around 5%" for the year. Trump, on the other hand, expanded his tariff regime to include India, South Korea, and the EU, alongside existing tariffs on China, Mexico, and Canada.
via SCMP Full Text Feed
