Shu Jueting

China's foreign trade remains stable with many unique advantages to back up its growth, despite difficulties and challenges, Ministry of Commerce (MOFCOM) spokesperson Shu Jueting told a regular press conference on Thursday, vowing to keep trade operations within reasonable range. 

External factors such as weak global consumption and high inflation pose unprecedented challenges to global trade. But despite the challenges, in the first three quarters of this year, China's import and export maintained relatively strong growth, with trade volume reaching 31.1 trillion yuan ($4.30 trillion), up 9.9 percent year-on-year.

Moreover, the net exports of goods and services contributed 32 percent to economic growth, boosting China's GDP growth by one percentage point, and made a positive contribution to macroeconomic stability, Shu said.

Since the beginning of the year, the ministry has worked closely with local governments and departments to overcome adverse factors, and China's foreign trade has shown strong resilience and vitality, Shu noted.

Challenges remain in the fourth quarter, the spokesperson noted, adding that "the growth momentum of the global economy and international trade has deteriorated, the environment for foreign trade development has become increasingly complex with rising uncertainties," and the risk of slowing external growth has increased.

According to the WTO, the growth rate of global goods exports slowed from 19.5 percent in the first quarter to 16.6 percent in the second quarter. 

Heightened inflation in some major economies and high inventories of goods has further dampened demand for imports, Shu said.

Despite the difficulties, Shu said that there are many advantages unique to China's foreign trade, allowing it to sustain stable growth as the Chinese government has ramped up measures to stabilize the economy. 

In general terms, China's foreign trade has a good industrial foundation, as enterprises have continuously enhanced their ability to fulfill contracts and innovate and have closer trade exchanges with the global market, according to the spokesperson. 

"We will strive to keep foreign trade within a reasonable range, achieve the goal of maintaining stability and improving quality throughout the year, while continuing to make positive contributions to the recovery of the national economy," she said.