Minister of Commerce Chen Deming said on the sidelines of the two sessions that import and export declines in March will be much greater than in February.
“As for the future situation, it depends on the international situation. It is very complicated. If the international environment is not good, it will be difficult for us to make fundamental improvements.”
Chen Deming pointed out that the import and export performance in the first 10 days of March was significantly better than the same period in February. The decline in imports and exports so far this month is smaller than in February.
Chen Deming predicts that the improvement in import and export in the first 10 days of March will last throughout March. When asked whether China would increase the value-added tax refund rate for exported products, Chen Deming pointed out that as long as the international situation remains volatile, the Chinese government is always ready to make policy adjustments.
According to data released by China Customs, imports in February continued to decline sharply year-on-year, marking the fourth consecutive month that both imports and exports declined, and the trade surplus shrank significantly. Among them, exports in February fell by 25.7% year-on-year to US$64.9 billion; imports fell by 24.1% year-on-year to US$60.1 billion. A trade surplus of US$4.84 billion was achieved in February, far lower than the US$39.1 billion in January.
