{"id":14433,"date":"2025-04-28T06:17:40","date_gmt":"2025-04-28T06:17:40","guid":{"rendered":"https:\/\/infundpros.com\/?p=14433"},"modified":"2025-04-28T06:17:41","modified_gmt":"2025-04-28T06:17:41","slug":"china-says-it-can-live-without-us-farm-and-energy-goods","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=14433","title":{"rendered":"China says it can live without US farm and energy goods"},"content":{"rendered":"<div>\n<p>Stay informed with free updates<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Simply sign up to the <!-- -->Chinese economy<!-- --> myFT Digest &#8212; delivered directly to your inbox.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=f84a9462-d086-4458-8bd1-17a0aee1e64a&amp;concept-id=bf38d79f-556e-4f4e-885c-a9e67594140a\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>China\u2019s top economic officials said the country could do without American farm and energy imports as they vowed to achieve a 5 per cent GDP growth target for the year despite the trade war with the US.\u00a0<\/p>\n<p>Zhao Chenxin, vice chair of the National Development and Reform Commission, China\u2019s state planner, said domestic farm and energy production, along with imports from non-US sources, would be more than enough to satisfy demand.\u00a0\u00a0\u00a0<\/p>\n<p>\u201cEven if we do not purchase feed grains and oilseeds from the United States, it will not have much impact on our country\u2019s grain supply,\u201d Zhao said.\u00a0 <\/p>\n<p>His comments came during a Monday press conference where top Chinese policymakers sought to reassure the public about the state of the economy and pledged to step up support to stave off the effects of Donald Trump\u2019s trade war.\u00a0<\/p>\n<p>Zhao said that US agricultural imports were \u201cprimarily for feed grains, which were highly substitutable\u201d and noted there would be limited impact on China\u2019s energy supplies if companies stopped importing American oil, natural gas and coal.<\/p>\n<p>The loss of the Chinese market would be a substantial hit for American farmers, who shipped roughly $33bn of agricultural goods to the country in 2023.\u00a0The US also sent about $15bn of oil, gas and coal to China.<\/p>\n<p>Brazil and Argentina are among those expected to ship more to China. The US\u2019s share of China\u2019s food imports collapsed to 13.5 per cent in 2023 from 20.7 per cent in 2016, while Brazil\u2019s grew from 17.2 per cent to 25.2 per cent in the same period.<\/p>\n<p>Despite rising desire in the Trump administration for talks with Beijing, China has shown little appetite for negotiations and repeatedly blasted Washington\u2019s claims of ongoing discussions as false. <\/p>\n<p>China last week indicated that the US should cancel its tariffs as a starting point for trade talks.\u00a0<\/p>\n<p>With US-China bilateral tariffs at more than 100 per cent, trade between the two economic superpowers has begun to fall, causing Chinese factories to begin furloughing workers. <\/p>\n<p>Still Zhao maintained that Beijing was \u201cfully confident\u201d of hitting the country\u2019s 5 per cent growth target for the year, even as he admitted \u201cexternal shocks were increasing\u201d. <\/p>\n<p>China\u2019s commerce vice-minister Sheng Qiuping also said that exports continued to grow in April, even after the trade war began.<\/p>\n<p>Policymakers said they would accelerate the introduction of measures to stabilise employment and the economy. Officials vowed to step up financing and credit support for exporters and repeated pledges to help Chinese manufacturers sell more goods at home and find new markets abroad.<\/p>\n<p>Zou Lan, deputy governor of the People\u2019s Bank of China, said the central bank would free up more cash for banks and cut interest rates at an appropriate time, while also vowing to keep the renminbi\u2019s exchange rate stable.\u00a0<\/p>\n<p>A top official at China\u2019s human resources ministry said new labour policies included calls for state-owned enterprises to hire more recent university graduates and extra money to underwrite hiring and employment subsidies. <\/p>\n<p>The country\u2019s urban unemployment rate stood at 5.2 per cent in March, while the youth jobless rate was substantially higher at 16.5 per cent.<\/p>\n<p>\u201cChinese policymakers are on heightened standby mode,\u201d said Louise Loo at Oxford Economics. \u201cWhile there were broad assurances to boost household spending and support tariff-hit businesses, job stabilisation appeared to take precedence.\u201d <\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/f84a9462-d086-4458-8bd1-17a0aee1e64a\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stay informed with free updates Simply sign up to the Chinese economy myFT Digest &#8212; delivered directly to your inbox. China\u2019s top&#8230;<\/p>\n","protected":false},"author":1,"featured_media":14434,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-14433","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>China says it can live without US farm and energy goods | inFundPros<\/title>\n<meta name=\"description\" content=\"Stay informed with free updatesSimply sign up to the Chinese economy myFT Digest -- delivered directly to your inbox.China\u2019s top economic officials said\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=14433\" \/>\n<meta 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