China’s economy faces increasing risks of slowing external demand in the fourth quarter, a spokeswoman for the Ministry of Commerce said on Thursday, adding that uncertainties were overshadowing the growth of Chinese foreign trade.
As the world economy weakens, the trade environment is becoming increasingly complex for China, Commerce Ministry spokeswoman Shu Jueting told a news conference.
“Looking at the fourth quarter, the risk of slowing external demand should increase,” she said.
China’s exports grew 5.7% year-on-year in September, the slowest pace since April. Imports rose a weak 0.3%, below estimates for growth of 1.0%.
Monetary tightening around the world to contain high inflation is constraining global economic growth.
Despite the challenges, conditions are still favorable for steady growth in trade between China and other countries, Shu added.
Beijing’s strict Covid-zero strategy has also tightened sectors particularly sensitive to pandemic restrictions, such as services.
“The consumer market continues on a recovery and growth trend, but due to unexpected factors including the Covid-19 outbreaks, market entities in the physical retail, food and accommodation sectors still face great pressure,” said Shu.
She expects consumption to pick up as government support takes effect.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
