China will further carry out policies in favor of foreign trade and safeguard the smooth operation of supply chains despite difficulties and pressures, China’s Commerce Minister Wang Wentao said on Tuesday.
China’s total goods imports and exports rose 21.4 percent year on year to 39.1 trillion yuan (about $6.2 trillion) in 2021. Exports of goods and services accounted for over 20 percent of the economic growth.
But some market analysts call for caution over the uptick, as China might face many pressures and difficulties this year in foreign trade and commerce if it wants to maintain the growth momentum. “Our analysis also reflects that there will be huge pressure, and the situation is severe. We face three major challenges. Global demand is shrinking, and many organizations have lowered their expectations for economic growth, commerce minister added.