At the press conference held by the State Council Information Office today (July 7th), the responsible persons of the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission introduced the relevant situation of the "package of financial policies supporting the stability of the market and expectations" and answered reporters' questions.

At the press conference, a reporter asked what impact the additional tariffs imposed by the United States might have on the production and operation of A-share listed companies.

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Wu Qing, Chairman of the China Securities Regulatory Commission, said that A-share listed companies, as representatives of excellent enterprises in the Chinese economy, possess strong resilience and adaptability.

First, the ultra-large-scale domestic demand and potential demand are the greatest source of confidence. Nearly 90% of the revenue of A-share listed companies comes from the domestic market. The stable and positive long-term fundamentals of the Chinese economy determine that the operating performance of listed companies will continue to grow steadily. In 2024, three-quarters of listed companies were profitable, and half of the companies saw profit growth. In particular, the wave of the technology industry led by artificial intelligence has driven the net profits of related industries such as semiconductors and consumer electronics to increase by 13.2% and 12.9% year-on-year respectively. At the same time, dividends and share repurchases in the entire market have also reached record highs, and the dividend yield of the Shanghai and Shenzhen 300 Index has reached 3.6%. In the first quarter of this year, according to quarterly reports, the net profits of listed companies increased by 3.6% year-on-year, among which the net profits of listed companies in the real economy increased by 4.3% year-on-year.

Second, remarkable achievements have been made in building a diversified export market. Since the United States imposed additional tariffs on China in 2018, A-share listed companies have gradually adjusted and improved their overseas production capacity layout. Those with the conditions have been making adjustments and further exploring new markets. The export revenue was 4.9 trillion yuan in 2018 and reached 9.4 trillion yuan in 2024, an increase of 92%, nearly doubling. At the same time, the proportion of direct export revenue to the United States in operating revenue has significantly decreased, and 91% of the companies have less than 10% of their export revenue to the United States.

Third, the export competitiveness has been continuously enhanced. "Made in China" has been deeply embedded in the global industrial chain and supply chain. A-share listed companies have strong competitive advantages in aspects such as the stability of product quality, the economic efficiency of large-scale production, and technological innovation. Since April 7th, in less than a month, nearly 350 listed companies have disclosed share repurchase and share increase plans, which also reflects that listed companies are full of confidence in their own value and development prospects.

In addition, Wu Qing said that for listed companies that are significantly affected by the additional tariff policy, regulatory tolerance will be further enhanced in aspects such as equity pledge, refinancing, and the use of raised funds to help them relieve difficulties.