In the first ten months of the year, China’s foreign trade went up steadily with year-on-year record high value of imports and exports, value of exports and value of imports. In the past months, due to weakening external demand, geopolitics, and localized Covid flare-ups, monthly imports and exports have slowed largely in line with global economic and trade trajectories. In Q4, with growing complexity and tension in external environment, rising uncertainties and instabilities and anaemic external demand posing a greater challenge, foreign trade will come under even greater pressure given the high base of last year.

That said, China’s foreign trade still enjoys the strong support of sound industrial bases and growing business capabilities to fulfill contracts and innovate. With trade-stabilizing policies continuing to show effect and significantly increased international flights, foreign trade performance will stay in a reasonable range in Q4. Thank you.