China’s exports slowed sharply in September as global demand weakened, adding to worries over how to recharge growth in the world’s second-largest economy.
Exports rose 2.4% in dollar terms last month, down from 8.7% year-on-year growth in August, the Chinese customs office reported Monday. Imports rose just 0.3% in September.
Chinese customs officials admitted Monday that the country is facing challenges, but expressed confidence in the prospects for China’s foreign trade in the final quarter of the year.
“Currently, internal and external environments are increasingly complex, and our country’s foreign trade development is faced with some challenges. In particular, global trade protectionism is intensifying, major markets are seeing weak growth momentum and heavy debt burdens, and uncertain and unstable factors are increasing,” said Wang Lingjun, Vice Minister, General Administration of Customs, at a press briefing in Beijing.
The U.S. and Europe recently raised tariffs on China’s exports of electric vehicles and other products.
Another official at the Beijing briefing criticized the additional tariffs on China’s “new three” products – electric vehicles, lithium-ion batteries and photovoltaic products, calling for countries doing so to abandon their “wrong practices.”
“We think this is an act of trade protectionism, which is unfair, against rules and unreasonable, and will ultimately affect the global green and low-carbon transition process,” said Lyu Daliang, spokesperson of the General Administration of Customs.
“It is hoped that relevant countries will abandon their wrong practices, seek their own reasonable interests in common development, open up new sources for global economic growth and jointly respond to the global challenge of climate change,” added Lyu, without naming specific countries.
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