Shanxi entrepreneurs innovate to counter trade impacts

Entrepreneurs in Shanxi province expressed their intention to respond to the impact of the new round of tariffs imposed by the United States during an ongoing media group visit held in the province.

The entrepreneurs expressed intentions to increase innovation efforts, seek new business opportunities and abandon relying on a single market.

From Monday to Friday, representatives from leading central and local websites will visit industrial parks and enterprises in Taiyuan, Linfen, Lyuliang and Datong to explore the province's development and the new vitality.

Wang Xianchao, president of Baixin Information Technology, a leading information technology company in China, stated that modern Shanxi entrepreneurs have inherited qualities of integrity and hard work, as well as possessing an inclusive mindset. Jin merchants, or Shanxi province merchants, were the most powerful and prominent merchant guilds during the Ming and Qing dynasties (1368-1911).

"Since its establishment, the company has focused on independent research and development on computers," Wang said. "Therefore, the recent tariffs have a relatively small direct impact on our company."

"We continue to increase research and development investment to overcome technical challenges," he added. "Meanwhile, we are actively exploring new market areas and innovating business models to meet the needs of different customers."

Focusing on the research and industrialization of high-end carbon materials such as graphene, Taiyuan Saiyin New Materials has exported its products to many countries and regions, including the United States and Australia.

The company's output value has seen rapid growth in recent years.

"After the imposition of tariffs, costs will ultimately be passed on to consumers," said Gao Lizhu, general manager of the company. "It is estimated that the price of our products will increase by more than 50 percent, but I have confidence in our products, which ensure the highest safety and cost-effectiveness."

In 2024, the import and export volume between Shanxi and the US accounted for nearly one-fifth of the province's total. The US has become Shanxi's largest export market.

"Based on the current situation, the impact of the tariffs policies on Shanxi's trade is not significant and may gradually become apparent after several years," said Yang Chunquan, director of the Shanxi Provincial Investment Promotion Bureau.

"Shanxi is steadily promoting transformation and upgrading, deeply advancing the energy revolution and accelerating the creation of a new highland for opening up in inland areas," said Yang. "Shanxi is continuously optimizing the investment environment and promoting industrial upgrading via a series of innovative measures and activities."