China’s foreign trade falls below estimates in 2014
In addition, the Chinese government lowered its foreign trade growth estimate to 6% for 2015. The government cited increasing competition from other developing countries, such as India and Vietnam, as the main reasons behind their downwardly revised growth forecast. China’s Ministry of Commerce reportedly stated it plans to work to stabilize external demand in the coming year.
Meanwhile, in the third quarter of this year, China’s gross domestic product (GDP) rose 7.3% while the government forecasts that the economy will grow by 7.5% this year. However, analysts state that China’s economic growth may fall below the government’s target due to weaker domestic and external demand.
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