FILE PHOTO: Containers are seen at the Yangshan Deep-Water Port in Shanghai, China October 19, 2020. REUTERS/Aly Song/File Photo
November 24, 2021
BEIJING (Reuters) – China’s vice commerce minister Ren Hongbin said on Wednesday there are still many concerns for foreign trade, especially for struggling smaller exporters, and China will introduce a new round of measures to stabilise it in due course.
There is still much pressure on small and medium-sized enterprises engaged in foreign trade in particular, Ren told a news briefing in Beijing. For example, many are unable to accept new orders or are seeing higher revenue without boosts to profits, he said.
China’s exports have repeatedly beaten expectations this year on strong overseas demand, helping to drive economic growth.
However a surge in raw material prices has increased cost pressures on firms. Factory gate inflation hit a 26-year high in October.
China will enhance the role of export credit insurance and the ability of enterprises to deal with exchange rate risks, Ren added.
(Reporting by Xu Jing and Gabriel Crossley; Editing by Jacqueline Wong and Giles Elgood)