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Trade

China's foreign trade faces increasing downward pressure

May 15, 2020


Abstract : China faces increasing downward pressure on foreign trade this year as the novel coronavirus pandemic has caused huge shocks to the world economy and global supply chains, an official with the Ministry of Commerce (MOC) said on Thursday.

BEIJING, May 14 (Xinhua) -- China faces increasing downward pressure on foreign trade this year as the novel coronavirus pandemic has caused huge shocks to the world economy and global supply chains, an official with the Ministry of Commerce (MOC) said on Thursday.

The impact will be especially significant for small and medium-sized enterprises and labor-intensive industries, MOC spokesperson Gao Feng told a regular press briefing.

He attributed the country's export rebound in April to various factors, including an uptick in domestic industrial production, a quick demand recovery in Japan and the Republic of Korea, and a stable ASEAN market.

ASEAN has become China's largest export destination, with exports to the bloc rising 3.9 percent year on year during the first four months, Gao said.

The ministry will introduce more precise assistance measures in a timely manner, make every effort to stabilize foreign trade, and help all kinds of foreign trade enterprises to explore the global market, Gao said. Enditem

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Keyword: foreign trade

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