Bloomberg:

Two questions on tariffs. The first one is you've seen increased amounts of countries putting tariffs on the "new three," of solar panels, batteries and EVs — such as Türkiye's EV tariffs in June. What impacts are those measures having on those industries? And secondly, does China worry that increased steel exports will further inflame trade tensions? Thank you.

Lyu Daliang:

Thank you for your questions. You mentioned two topics: the "new trio" (electric vehicles, lithium-ion batteries and photovoltaic products) and steel. Let me first address your question about the "new trio." I will start by sharing some details about the export situation of the "new trio."

In the first three quarters, China exported 757.83 billion yuan worth of electric vehicles, lithium-ion batteries and photovoltaic products, accounting for 4.1% of China's total exports. The "new trio" are exported to more than 200 countries and regions, and are popular globally.

We believe that the global new energy industry is still currently in a phase of rapid development. China's exports of the "new trio" and other green, low-carbon products have not only enriched global supply and alleviated global inflationary pressures, but also made a significant contribution to addressing climate change and promoting green transformation worldwide. Indeed, some countries have imposed tariffs on China's "new trio," but we consider this to be an unfair and unreasonable form of trade protectionism that violates international trade rules, that will ultimately hinder the global green and low-carbon transformation. Some American scholars have even called the tariffs on China's green technology products a "foolish mistake." We hope that relevant countries will abandon these wrong practices, seek their own justified interests through common development, and open up new sources of growth for the global economy while jointly addressing the global challenge of climate change.

As for steel exports, I will also provide some data. In the first three quarters, China exported 441.94 billion yuan worth of steel, down by 3% year on year. I also want to clarify that most of the steel produced in China is for domestic consumption and use, including further processing, mainly to meet the demand of the domestic market.

Here, I'd like to share that although the steel industry is a traditional one, in the context of China's accelerated development of new quality productive forces, the steel industry is constantly innovating and upgrading. A few days ago, I visited a steel plant in Taiyuan where they developed stainless steel foil with a thickness of just 0.015 millimeters — about one-quarter the thickness of a sheet of A4 paper — also known as the hotly discussed "hand-torn steel" online. This type of steel is widely used in precision manufacturing industries, and the company reports good order volumes. There are many such steel enterprises in China, and I believe that such innovative steel products will have a broad market both domestically and internationally. Thank you.