Spokesman for the Ministry of Commerce (MOFCOM), Shen Danyang stated at the November 19 press conference that this year China’s foreign trade growth rate is hard to reach 8%.
There are two main reasons for export growth rebound in October: one is the state council had issued policies for foreign trade steady growth and structural adjustment not long ago, China has achieved significant results in accelerating the transformation of the economic growth mode and structural adjustment. Two is recently global economy gets slightly warmer. In October, China-EU, China-U.S. and China-ASEAN trade grew significantly, trade with Japan also returned to growth.
However, weak external demand, rising labor expenses, orders’ shifting and fierce competition continued to haunt the export enterprises. The overall situation of foreign trade remains grim. This year China’s foreign trade growth rate is hard to reach 8%.