China expects foreign trade growth to slow to around 10 per cent this year, the lowest level since the financial crisis first hit in 2008.
Foreign trade for the world's second-biggest economy would face challenges from weak external demand, a stronger Chinese currency, rising trade competition and rising costs, Xinhua quoted an official from the mainland's top economy planning agency as saying.
'This year our country faces grim export challenges', especially in the first half, Zhang Xiaoqiang from the National Development and Reform Commission said at a public forum in Beijing over the weekend.
Last year, China's foreign trade grew 22.5 per cent to US$3.6 trillion, according to the General Administration of Customs.
Shanghai-based Lu Zhengwei, chief economist at Industrial Bank, said China had maintained average annual export growth of 29 per cent since it joined the World Trade Organisation.
'[But] whenever China experiences a drop in property prices and weakening exports, there's going to be a problem with the economy. I see both of these factors this year,' Lu said. 'Without export and property growth, what else will help China maintain its GDP growth?'
Lu added that China's decision to not depreciate the yuan against the dollar had intensified export challenges.