China should shift its focus on trade from "promoting fast growth and stunning figures" to optimizing structure and quality, as the country will face a tougher trade outlook in 2017 due to its diminishing comparative advantages and the pressure of a downturn in global trade, the Ministry of Commerce (MOFCOM) said on Thursday.
The loss of traditional advantages, especially in the manufacturing sector, comes amid the surge of costs of major elements of production, such as labor and land, Sun Jiwen, the spokesman for the MOFCOM, told a press briefing in Beijing.
Besides, a sluggish global economic recovery has led to weak trade demand in international markets, with protectionism on the rise, Sun said.
Confronted with a complicated trade situation, domestic companies should do more to strengthen their traditional advantages and increase product competitiveness, while cultivating new engines of trade growth, Sun suggested.
To further stabilize trade, the MOFCOM will announce measures to help domestic companies cut costs and expand into international markets, according to Sun.
On Monday, the MOFCOM announced the 13th Five-Year Plan (2016-20) for foreign trade. The plan prioritized exports by middle-ranking and advanced industries, as well as encouraging strategic new sectors to expand overseas.
