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China mulls measures to buoy foreign trade

Xinhua, June 18, 2015 Adjust font size:

The Chinese Ministry of Commerce (MOC) is "making every effort" to work with other departments to underpin ailing foreign trade, it said on Thursday.

"Our foreign trade situation is quite grim," said MOC spokesman Shen Danyang in a news briefing.

In May, China's foreign trade dipped by 9.7 percent year on year, with exports dropping 2.8 percent and imports plummeting 18.1 percent.

Internal and external pressures are weighing down the world's second largest economy, Shen said.

"Overseas demand is weak. China is losing its traditional competitiveness in exports. Currencies of some trade partners are depreciating against the U.S. dollar," he said, attributing the lackluster performance to the three major setbacks.

"The MOC is working with related departments to make fresh measures to cut charges and fees concerning trade, alleviate financial burden for enterprises and streamline trade procedures."

"I believe China's trade situation will improve in the latter half of 2015, with the slow recovery of the global economy and the kicking in of these measures," said the spokesman. Endi