Wholly or partly foreign-owned companies in the country accounted for $980bn of China’s exports last year, or more than one-quarter, and $820bn of imports, or more than a third, data from China’s General Administration of Customs and calculations by the Financial Times showed. China registered a record trade surplus of nearly $1tn last year.

Beijing is going on an international charm campaign to coax other countries hit hard by “Liberation Day” tariffs to take on the U.S.

President Trump said that “we’re meeting with China” on tariffs, comments aimed at soothing jittery financial markets. But Chinese officials say no talks have taken place.