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BEIJING, March 1 (Reuters) – A high Chinese language official warned on Tuesday that China’s economic system faces a number of challenges at residence and overseas this 12 months, together with “enormous” strain from uncertainty over international commerce and from still-lacklustre home consumption.
International commerce, which helped drive the world’s second-largest economic system final 12 months, can be confronted by unsure exterior demand and a excessive statistical base from 2021, stated Commerce Minister Wang Wentao.
“This 12 months, the strain on international commerce can be enormous and the scenario can be very extreme,” Wang stated at a press convention.
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Labour shortages and excessive uncooked materials prices have additionally heaped strain on the power of China’s small and medium-sized corporations to deal with abroad orders, he stated.
Given the worldwide uncertainties, China should “do every thing attainable” this 12 months to spur home consumption, Wang stated.
Final 12 months, the Chinese language economic system rebounded with its finest progress in a decade, helped by strong exports and a ensuing file commerce surplus. However there have been indicators that momentum was slowing on weakening consumption and a home property downturn.
In December, retail gross sales grew 1.7% from a 12 months earlier, lacking a median forecast of three.7% and slowing from November’s 3.9% achieve.
Some restoration momentum was seen in consumption in February after downward strain because the fourth quarter, Wang stated.
Stability in all features of society is the watchword in China this 12 months because the Communist Celebration gathers for a once-in-five-year congress in late 2022. President Xi Jinping is anticipated to assert his third time period as chief of the social gathering.
China will purpose to broaden entry to its markets and draw extra international funding into the nation’s industrial sector, together with superior manufacturing and strategic new industries, Wang stated.
International direct funding grew within the double-digits in January-February, he stated.
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Reporting by Beijing newsroom; Modifying by Christian Schmollinger and Kenneth Maxwell
Our Requirements: The Thomson Reuters Belief Ideas.
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