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China warns of 'huge' pressure on foreign trade as economic challenges mount

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  • China warns of 'huge' pressure on foreign trade as economic challenges mount

    https://www.reuters.com/markets/asia...nt-2022-03-01/
    February 28, 202210:35 PM CSTLast Updated 5 hours ago
    China warns of 'huge' pressure on foreign trade as economic challenges mount
    Reuters
    BEIJING, March 1 (Reuters) - A top Chinese official warned on Tuesday that China's economy faces multiple challenges at home and abroad this year, including "huge" pressure from uncertainty over global trade and from still-lacklustre domestic consumption.

    Foreign trade, which helped drive the world's second-largest economy last year, will be confronted by uncertain external demand and a high statistical base from 2021, said Commerce Minister Wang Wentao.

    "This year, the pressure on foreign trade will be huge and the situation will be very severe," Wang said at a press conference.

    Labour shortages and high raw material costs have also heaped pressure on the ability of China's small and medium-sized companies to handle overseas orders, he said.

    Given the global uncertainties, China must "do everything possible" this year to spur domestic consumption, Wang said...
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