There are no winners in tariff or trade wars, Foreign Ministry spokesman Guo Jiakun said at a press briefing in Beijing on Tuesday.
Guo made the remarks in response to a media query about U.S. President Donald Trump's Monday announcement that the United States will impose 10 percent tariffs on imported timber and lumber, and 25 percent tariffs on imported kitchen cabinets, bathroom vanities and upholstered furniture, with further hikes planned.
"Tariff and trade wars have no winners, and protectionism leads nowhere," said Guo.
No winners in trade wars: spokesman
China's outstanding aggregate social financing -- the total amount of financing to the real economy -- reached 442.12 trillion yuan (about 63.4 trillion U.S. dollars) as of the end of 2025, up 8.3 percent year on year, central bank data showed on Thursday.
The country's aggregate social financing stood at 35.6 trillion yuan (about 5.1 trillion U.S. dollars) in 2025, up by 3.34 trillion yuan (about 479 billion U.S. dollars) from the year 2024, said the People's Bank of China (PBOC), the country's central bank.
According to the data, the M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 8.5 percent year on year to 340.29 trillion yuan (about 48.8 trillion U.S. dollars) as of the end of December.
In addition, outstanding yuan loans stood at 271.91 trillion yuan (about 39 trillion U.S. dollars) at the end of 2025, up 6.4 percent year on year.
China's aggregate social financing maintains high growth in 2025
