地方政府如何应对关税冲击？

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Amidst the complex evolution of Sino - US trade frictions, China has significantly reduced its dependence on exports to the US through strategic adjustments. Meanwhile, local governments, especially major foreign - trade provinces, have taken measures to address tariff shocks, focusing on stabilizing foreign trade and promoting domestic sales [2][4]. 3. Summary According to Relevant Catalogs 3.1 Provinces' Dependence on US Trade - Export Situation: In 2024, China's total exports to the US were 3.7343 trillion yuan, accounting for 14.7% of total exports. The top 8 provinces in terms of exports to the US accounted for 85% of the total. Shanxi, Henan, Sichuan, and Fujian had a relatively high dependence on exports to the US, while Guangdong, Zhejiang, Jiangsu, and Shanghai were at a medium level but had large export volumes and relatively high ratios of exports to the US in GDP. From 2018 to 2024, the national dependence on exports to the US decreased from 19.3% to 14.7%, and most provinces also saw a decline [1][7][8]. - Import Situation: In 2024, China's total imports from the US were 1.1639 trillion yuan, accounting for 6.3% of total imports. Beijing and Shanghai led in import scale, and Sichuan and Tianjin had relatively high dependence on imports from the US. Overall, China's dependence on imports from the US was significantly lower than that on exports, but there were structural differences [2][12]. - Commodity Structure: China mainly exports manufacturing products to the US, with electrical and mechanical equipment and parts being the top category in 2024, accounting for 24.0% of the total export value. It mainly imports technology and resource - based products from the US, with mineral fuels being the top category, accounting for 14.1% of the total import value [2][16][17]. - Provincial Export Commodity Characteristics: Electrical and mechanical equipment parts were mainstream export commodities in most provinces. Henan, Sichuan, Chongqing, Shanxi, and Yunnan had a high concentration of export commodities, while Zhejiang, Shandong, and Guizhou had a relatively low concentration. Some provinces had characteristic industries [3][20]. 3.2 How Local Governments Respond to Tariff Shocks - Stabilizing Foreign Trade: Local governments have taken measures such as supporting enterprises to explore diversified international markets (e.g., Dongguan encouraging enterprises to participate in over 200 overseas key exhibitions annually), strengthening financial support (e.g., Shenzhen optimizing financial services for foreign - trade enterprises), and optimizing customs clearance efficiency (e.g., Shenzhen including eligible enterprises in relevant convenience programs) [4][23][25]. - Promoting Domestic Sales: Local governments have focused on guiding enterprises to open up domestic sales channels. For example, Guangzhou will hold a meeting between foreign - trade high - quality products and domestic purchasers during the 137th Canton Fair; Shandong will carry out a shopping season for foreign - trade high - quality products; Fujian will help foreign - trade enterprises expand the domestic market; and Sichuan has launched the "Foreign - trade High - quality Products China Tour" activity [4][24][25].