Given that foreign trade still raises many concerns, China's Deputy Commerce Minister Ren Hongbin said that in due time China will announce new measures to stabilize trade.
Ren noted that many Chinese companies engaged, in particular, in foreign trade, are under strong pressure, namely, they cannot accept new orders.
High foreign demand contributed to the fact that this year China's export volumes exceeded forecasts many times, which in turn supported economic growth. According to official statistics, China's GDP growth was 4.9% in the third quarter compared to 7.9% in the second quarter. The latest figure was the lowest since the third quarter of 2020. Meanwhile, manufacturing inflation in the country rose in October to a 26-year high in October, increasing pressure on companies.
Ren said that given the current situation, China intends to increase the role of export credit insurance and increase the ability of enterprises to cope with currency risks.