China's Foreign Trade Currently Facing Significant Challenges - Commerce Ministry

Sumaira FH Published March 18, 2019 | 06:41 PM

China's external trade is currently facing considerable challenges and increased risks but still has a chance and conditions to improve, Assistant Minister of Commerce Ren Hongbin said on Monday

BEIJING (UrduPoint News / Sputnik - 18th March, 2019) China's external trade is currently facing considerable challenges and increased risks but still has a chance and conditions to improve, Assistant Minister of Commerce Ren Hongbin said on Monday.

"Currently, our foreign trade is facing an even more complex environment, the number of uncertainties has become even greater, as well as challenges and risks," Ren said as quoted in the ministry's statement.

At the same time, he stressed necessary conditions and basis to improve the situation were in place.

"We will be actively increasing imports, optimizing its structure, encouraging cross-border trade, increasing the level of trade facilitation," the minister noted.

Last year, China's foreign trade showed record results by reaching $4.62 trillion and demonstrating an increase of 12.6 percent from 2017. Meanwhile, in 2018, China's exports grew by 9.9 percent, and amounted to $2.48 trillion, while imports increased by 15.8 percent, reaching $2.14 trillion.

Yet, according to the data of China's General Administration of Customs, in January and February of 2019, the country's external trade amounted to $662.7 billion, showing a 3.9 percent decrease from the same period of the previous year.