Wang Shouwen, international trade negotiator and vice minister of the Ministry of Commerce briefed on the stable scale, and improved structure of foreign trade, April 23, 2023./CFP
China's Ministry of Commerce (MOFCOM) warned on Sunday of a "grim situation" for the country's foreign trade as global uncertainties weigh on the world's second-largest economy. The ministry announced that measures will be taken to promote the stability of the scale of foreign trade, as well as its improved structure.
China’s foreign trade situation is still "complex and grim", said Wang Shouwen, international trade negotiator and vice minister of the MOFCOM, at a press conference on Sunday.
He attributed the prospect to weakening external demand, citing the recent sharp decline in foreign trade with neighboring countries. From October last year to February this year, foreign trade export was negative in dollar terms.
The International Monetary Fund (IMF) slashed its estimate of global growth from 2.9 percent to 2.8 percent in April, saying the slowdown in developed economies would be marked.
Foreign trade enterprises also face constraints and difficulties, Wang added, noting the inconvenience of going to an exhibition abroad, the trade risks rising, operation pressure increasing, among others.
In light of the current situation, China’s State Council has conducted studies on policies and measures, aiming at stabilizing the scale of foreign trade and optimizing trade structure.
In terms of the scale of foreign trade, measures will include creating trade opportunities and targeted strategies for the trade of major products such as setting up comprehensive international marketing services for auto firms. China will also enhance the stability of foreign trade enterprises in areas including innovation and financing.
In optimizing trade structure, China needs to make changes to certain trade operations and improve the environment for foreign trade development which includes customs and legal provisions, said Wang.
The MOFCOM will work with relevant departments to give full play to policy execution and further enable enterprises to seize opportunities, expand the market, and make greater contributions to economic development.