China's Leaders Pledge Economic Support Amid Ongoing Trade War

China’s top leaders, including President Xi Jinping, have pledged to step up support for the economy and oppose 'unilateral bullying' in global trade in response to the steep tariffs imposed by US President Donald Trump. At a recent Politburo meeting, officials emphasized the need to boost domestic consumption, increase incomes, and develop the service sector while promising to implement rate cuts and other monetary easing measures at appropriate times. Policymakers committed to supporting firms and workers most affected by the new tariffs, including accelerating debt issuance and increasing unemployment insurance support to companies. The leaders also reiterated their commitment to upholding multilateralism and working with the international community amid rising external shocks and economic headwinds, particularly in the property sector and consumer spending. Despite the challenges, China’s economy grew 5.4% in the first quarter, but concerns remain about a potential downturn as the trade conflict escalates. The government is preparing for 'worst-case scenarios' to ensure economic stability and safeguard jobs.