>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<
Pressure on China’s imports and exports will increase significantly this year, said Wang Wentao, commerce minister, at a news conference on Thursday.
The risk of a global recession is growing, China’s external environment poses serious challenges, and there is increased risk of weakening external demand, he said.
Some foreign companies are currently considering investing in places other than China, but it’s “a special phase” and “in the long run, the China market remains a ‘must’ rather than an ‘option’, said Wang.
Chen Chunjiang, vice minister for commerce, said that “China is willing to conduct candid consultations with the US to reduce restrictions on bilateral trade and investment,” in response to a question on the state of China’s trade relationship with the US.
China and the US “need to create a stable and predictable trade and economic environment to enhance confidence and business cooperation,” Chen added.