What’s new: China’s new Premier Li Qiang has called for greater policy support to stabilize and improve the structure of the country’s exports, during an executive meeting of the State Council held Friday.
Li urged an all-out government effort to help businesses stabilize their exports to developed economies, and at the same time, guide them to explore opportunities in developing countries and regional markets such as the Association of Southeast Asian Nations (ASEAN).
Provinces commonly regarded as the country’s export powerhouses, in particular, should be the main force in ensuring a solid export performance, Li said. Localities are encouraged to introduce supportive measures tailored to their own conditions, he added.
The background: China’s export growth has been slowing since the second half of last year as demand from major trade partners weakens.
In January and February combined, goods exports fell 6.8% year-on-year in dollar terms, yet it was better than the 9% contraction predicted by economists, and narrowed 3.1 percentage points compared to December’s 9.9% decline.
Despite a slow start this year, some economists predict that the country’s exports will recover in the second half.
Related: In Depth: How China’s Export Surge Left the Shipping Industry With a Hangover
Contact reporter Zhang Ziyu (ziyuzhang@caixin.com)
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