China’s economy confronts several obstacles at home and abroad this year, a top Chinese official said in a statement on Tuesday.The obstacles include “massive” pressure from global trade uncertainty and still-weak domestic demand.
Foreign trade, which boosted China’s economy last year, would face uncertain external demand and a big statistical base starting in 2021, according to Commerce Minister Wang Wentao.
“The pressure on foreign trade this year will be enormous, and the situation will be quite serious,” Wang warned during a press conference.
He added that labour shortages and high raw material costs have put a strain on the capability of China’s small and medium-sized businesses to handle international orders.
Given the global uncertainty, China must “do everything necessary” to boost domestic demand this year, Wang commented while talking to the media.
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