Vice Commerce Minister Wang Shouwen said that despite the current economic problems, namely coronavirus blockages, weak consumption and the crisis in the real estate market, China intends to achieve positive growth in foreign trade by the end of this year.
According to official data, China's exports growth weakened in August, as surging inflation crippled overseas demand and fresh Covid curbs and heatwaves disrupted production. Exports rose 7.1% in August from a year earlier, slowing from an 18.0% gain in July. Outbound shipments outperformed other economic drivers in 2022 but now face growing challenges as external demand wanes.
"The latest trade data indicate that the decline in external demand remains the biggest uncertainty for China's foreign trade," Wang said, announcing new measures to stimulate the sector, including supporting firms' order delivery and encouraging some regions to explore second-hand auto exports. Last week, the government announced that it would reduce port charges for cargo by 20% in the 4th quarter, and also promised to maintain the normal operation of ports and cargo warehouses.
"Thanks to the efforts of the government and the solid foundation of China's foreign trade, we are confident that foreign trade will show positive growth in the second half of the year despite weak demand," Wang said.