BEIJING: AMID the slow recovery of the global economy — and some countries resorting to currency depreciation — China faces mounting challenges, including how to boost exports, this year, said the Ministry of Commerce here the other day.
“The world economy is growing at an anemic pace, and the performance of consumption and investment is lackluster in many economies. Global trade growth lacks momentum,” the ministry said in a report.
China’s export competitiveness is facing headwinds on two fronts: high-end products from advanced economies like the United States are opening up new foreign markets; and exports of low and medium-end products from developing countries like India have grown fast over the past five years, according to the report.
Some countries have used currency depreciation to bolster exports and economic growth, which resulted in the forced appreciation of the yuan, dimming the competitiveness of Chinese products, the ministry said.
