China's foreign trade faces grim situation
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.