China's for­eign trade faces grim sit­u­a­tion

The Pak Banker - - Front Page -

BEI­JING

China on Mon­day ac­knowl­edged its econ­omy faced a grim sit­u­a­tion due to lin­ger­ing pres­sure on its ex­ports and ris­ing do­mes­tic costs and ac­cused US of try­ing to de­fame its tele­com firms.

Speak­ing on the side­lines of the Com­mu­nist Party Congress be­ing held here to se­lect new lead­ers and new poli­cies, Chi­nese Min­is­ter of Com­merce Chen Dem­ing said "trade sit­u­a­tion will be rel­a­tively grim in the next few months and there will be many dif­fi­cul­ties next year". His com­ments came even as China's ex­ports showed pos­i­tive growth with 11.6 per­cent in­crease in Oc­to­ber as against the same pe­riod of last year. The Oc­to­ber trade sur­plus widened to USD 31.99 bil­lion from USD 27.67 bil­lion USD in Septem­ber and USD 26. 66 bil­lion USD in Au­gust.

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