China's commerce minister recently stated that China is facing uncertainty in their foreign trade while working to increase domestic consumption.
Wang Wentao pointed to labor shortages and the high costs of raw materials as challenges facing small and medium Chinese companies in filling orders from overseas, according to Reuters.
Reuters reports that in 2021, "the Chinese economy rebounded with its best growth in a decade, helped by robust exports and a resulting record trade surplus. But there were signs that momentum was slowing on weakening consumption and a domestic property downturn."
Wang went on to note that foreign direct investments in China had increased by "double-digits" in January-February, according to Reuters.
Bloomberg reports in August that China was facing a shortage of skilled workers, while also dealing with rising unemployment rates among young people.
"Businesses in the eastern coastal regions of the country have reported difficulties in recruiting workers, while the unemployment rate of those aged 16-24 is more than three times the national rate of 5.1%," Bloomberg reported.
The International Trade Administration (ITA) reports in January that "China bucked global trends and posted positive global growth in 2020, albeit at a rate well below recent years at 2.3%."
The ITA noted that labor shortages, increasing provincial debt and tumultuous trade relations with the U.S. have slowed China's growth rate in recent years. U.S. exports of goods to China increased from $107.9 billion in 2019 to $125 billion in 2020.
U.S. exports of goods to China in 2021 totaled approximately $151.06 billion, according to Statistica.