CRI听力:China Foreign Trade Decline Narrows in September

The latest figure show China's foreign trade dropped 8.8 percent year on year to 2.2 trillion yuan or 350 billion U.S. dollars in September, with imports slumping nearly 18 percent.

During the first three quarters, foreign trade dropped nearly 8 percent year on year to 18 trillion yuan, nearly 3 trillion U.S. dollars.

The September figure was less severe than the 9.7-percent contraction in August.

Speaking at a news conference in Beijing, General Administration of Customs spokesperson Huang Songping attributed the drops to high costs and slumping commodity prices.

"Rising labor cost is the main cause that limits companies' capacity to expand manufacturing and exports."

He says the sluggish global economy is also a problem.

China is currently transforming its economic model to a more sustainable one where domestic consumption replaces exports and state-led investment as the key driver of growth.

Huang says he is confident the number will improve in the fourth quarter.

"At present, the effects of policies are gradually being felt. According to our preliminary expectations, barring any significant political and economic emergencies worldwide, we expect overall imports and exports to be better in the fourth quarter than in the third quarter."

China's foreign trade with countries involved in the Belt and Road Initiative hit 4.5 trillion yuan, about 25 percent of the total foreign trade in the first three quarters.

Stats in the first three quarters show the European Union has become China's largest trade partner, followed by the United States, and the ASEAN countries.

Exports to emerging markets have been on the rise. For CRI, I'm Niu Honglin.