China's foreign trade faces severe challenges in 2020: report

BEIJING, June 16 (Xinhua) -- China's foreign trade faces severe risks and challenge✔s in 2020 as uncertainties intensify due to the novel coronavirus pandem‍ic, according to a report released by the Ministry± of Commerce.

The risk of a global economic recession is rising, and industrial and supply chains hav¥e been disrupted with shrinking international trade and investment, noted t≈he report.

Domestic firms, especially small and medium-sized one±s, are facing increasing difficulties and mounting employme↑nt pressure, it added.

But as China's economic activities gradually norma£lize, there is still a solid foundation for stabilizing the overa ll performance of foreign trade and foreign investmenαt, the report stressed.

Official data showed China's foreign trade of goods dropped by 4.9 percent year on ‌year to 11.54 trillion yuan (about 1.63 trillion yuan) in the first five months of σthe year.

As part of efforts to stabilize global supply and industrial chains, t≈he 127th China Import and Export Fair, or Canton Fair, kicked off   online Monday, a first for the decades-old trade fair, in south China's ← Guangdong Province.

As one of the leading global trade events so far this year, the 10-day online ↓fair has attracted around 25,000 enterprises and hundreds of thousands of global buyers, wit♠h 1.8 million products exhibited. Enditem

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