China faces grim foreign trade outlook

BEIJING, Nov 11 (Xinhua): China faces a pessimistic foreign trade outlook in light of global economic turmoil, rising labor and raw material costs and mounting pressure regarding the appreciation of the yuan, a senior official said Friday. Although the country has maintained steady growth in foreign trade so far this year, it is facing "very challenging trade conditions," said Zhong Shan, vice commerce minister. China's October foreign trade fell 8.3 per cent from September to reach 297.95 billion US dollars, while its export growth dropped for a third straight month to stand at 15.9 per cent, according to data from the General Administration of Customs. Eurozone debt woes, a downgraded US credit rating and challenging domestic business conditions will bring uncertainties for the country's foreign trade, he said.