China ramps up support for private enterprises amid U.S. tariff hikes

China's top economic regulator has pledged efforts to tackle issues faced by private enterprises and support the development of the private sector, as it seeks to buffer the impact of the latest round of sweeping tariffs from the United States.

Zheng Shanjie, head of the National Development and Reform Commission, hosted a meeting on Tuesday morning with a group of private business executives from Trina Solar, China-Base Ningbo Group Co Ltd, Guangdong Lingyi iTECH Manufacturing Co Ltd, Didi Chuxing and Goertek Inc.

The meeting gathered feedback on the implementation of macroeconomic policies at the micro level, discussed companies' responses to newly imposed U.S. tariffs, and gathered opinions on stabilizing foreign trade and employment.

The meeting comes as Beijing grapples with renewed trade headwinds, including Washington's latest round of tariff hikes on Chinese goods, while also aiming to stabilize the overall economy amid a sluggish global recovery.

According to the NDRC, the next step will be to accelerate the implementation of supportive measures, strengthen research on policy reserves, and launch them in a timely and effective manner, the National Development and Reform Commission said in a statement posted on its official website on Tuesday.

During the meeting, company leaders shared their perspective on the implementation of recent supportive policy measures, shared their efforts in accelerating upgrades and managing external risks, and submitted relevant policy suggestions.

The business leaders expressed that they are well-prepared for the U.S. tariff hikes and are actively adopting countermeasures. At the same time, they acknowledged the stable domestic development environment and vast market potential, stating their confidence in overcoming difficulties and achieving breakthroughs.

Highlighting the strategic role of private enterprises in stabilizing employment and economic growth, Zheng noted "micro-level feedback is the most direct and real reflection of macro policy implementation," saying regular communication with private enterprises is an effective way to refine and improve macroeconomic policy design.

In the face of external uncertainties like the U.S. tariff hikes, he said China should focus on doing its own work well.

Zheng reiterated China's unwavering commitment to reform and opening-up, the importance of firing up the dual circulation — in which domestic and international circulation coexist, with domestic circulation playing the primary role, and the need to respond to external uncertainties with domestic certainty.

Looking ahead, the NDRC pledged to improve regular communication mechanisms between the government and private enterprises, actively address real difficulties faced by companies, and promote the healthy, high-quality development of the private sector.