Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.
China will respond accordingly to potential Trump tariffs, Chinese gov't think tank official says
Qu Weixi, right, vice president of the Chinese Academy of International Trade and Economic Cooperation (CAITEC), a think tank under China’s Ministry of Commerce, speaks during a meeting with Korean reporters at the academy in Beijing, Monday. Joint Press Corps
By Lee Hyo-jin
'Beijing's visa exemption for Korean travelers will spur economic cooperation'
BEIJING — China will respond accordingly to trade policies targeting Beijing that might be introduced by the incoming Donald Trump administration, according to Qu Weixi, vice president of the Chinese Academy of International Trade and Economic Cooperation (CAITEC), a think tank under China’s Ministry of Commerce.
Founded in 2015, CAITEC is the first think tank directly established by the Central Committee of the Chinese Communist Party. It operates multiple research centers focused on economics and trade policy. Of its 340 staff members, more than 200 are professional researchers.
Speaking to Korean reporters in Beijing on Monday, Qu said, “Looking back at his [Trump’s] first term, we saw that many of the promises he made during the election campaign were not fully realized once he took office. So, it’s hard to predict his actions now. We will wait, but whatever policies emerge, we will respond with countermeasures.”
His remarks come as Trump has reiterated plans to impose additional tariffs on Chinese imports. Last week, Trump stated he would introduce a 10 percent tariff on top of existing duties.
“There has been much talk about raising tariffs, but if that happens, it is the American people who will bear the brunt,” Qu said, citing U.S. studies showing that such measures disproportionately affect middle and lower-income Americans by driving up consumer prices.
Qu also addressed speculation that China might weaponize its rare earth supplies.
He dismissed such claims, saying environmental concerns rather than political motives drive China’s plans to limit mining.
“Weaponizing rare earths would not benefit China. When discussing industrial and supply chain cooperation, everything is interconnected. Strangling one area to gain an advantage will achieve nothing,” he said.
On Korea-China relations, Qu expressed optimism for closer economic collaboration through trade agreements aligned with Beijing’s modernization efforts.
“China will stabilize its economic growth through measures such as expanding domestic demand and promoting foreign trade. In this process, China-Korea trade is expected to gain momentum,” he said, urging both countries to expedite second-stage negotiations for the Korea-China Free Trade Agreement (FTA).
He also called for resuming trilateral FTA negotiations with Japan and making progress on a broader Asia-Pacific free trade area.
The researcher also said that the two countries should expand cooperation in green and digital sectors, saying, "Both countries should encourage, support and promote open and innovative cooperation between their businesses, fostering joint R&D efforts and sharing research outcomes to establish a stable partnership."
Moreover, Qu highlighted China’s commitment to openness, referencing Beijing’s recent decision to exempt Korean nationals from visa requirements for stays of up to 15 days. He expressed hopes that a reciprocal step by the Korean government on Chinese nationals would further strengthen ties between the two countries.
He said, “We expect the tourism industries of both countries to develop rapidly. Increased exchanges and business interactions will foster mutual understanding and create a better environment for China-Korea economic cooperation."