With exports and production slowing and profits falling in coastal regions, the central government is ready to launch a series of measures to counter the impact of global financial turmoil, according to senior officials in Beijing and beyond. Du Ying , deputy director of the National Development and Reform Commission, the mainland's top economic planning agency, said foreign trade volume, value-added output and profit growth of manufacturers in coastal areas had been falling since July. 'The State Council is studying a series of measures and is ready to announce them, as the downward trend has already caught the government's attention,' Mr Du told a news briefing in Beijing yesterday. He said the full impact of the global financial crisis had not yet been felt and the government 'should have a full estimation of the difficulties and challenges [ahead]'. However, he was confident China could overcome the crisis. 'As in the past, China can overcome the challenges and difficulties to enter a new stage of development. I'm fully confident of that,' Mr Du said. The central bank has already worked with counterparts worldwide to loosen monetary policy, cutting interest rates twice to support growth. Economists expect more monetary easing, as well as a relaxation of fiscal policy to prop up domestic demand and increases in public spending. Ben Simpfendorfer, an economist with Royal Bank of Scotland in Hong Kong, said the central government would soon ease fiscal policy. 'I expect the first announcement in early December. More aggressive easing, worth up to 3 per cent of gross domestic product, will wait until 2009,' Mr Simpfendorfer said. On Sunday, the Communist Party's Central Committee said after a four-day meeting that the government would keep its macroeconomic policy flexible and seek to expand domestic demand in the face of the grim international economic environment. The National Bureau of Statistics will soon release key third-quarter economic data. Many economists expect it to report that annual GDP growth dropped below 10 per cent. In the second quarter, the economy grew by 10.1 per cent year on year. Full-year growth last year was 11.9 per cent. At the same briefing, top officials from the economic hub of Shanghai and the coastal provinces of Jiangsu and Zhejiang highlighted the slowdown in growth in the export sector. Yang Xiong , executive vice-mayor of Shanghai, said growth in industrial output in the city dropped to 6 per cent in September. The city recorded average growth in the first nine months of the year of 11.5 per cent. Mr Yang said the government was working out policies to boost the property market. Sales and prices have been falling in recent months. 'We will study and work up policies ... aimed at maintaining steady development of the property market,' he said. Chen Miner , a vice-governor of Zhejiang, said the province would work out measures such as easing the tax burden on local firms and expanding the availability of credit to enterprises to help boost the local economy. Mr Chen admitted there had been some cases of company failure, but dismissed media reports of widespread factory closures.