'Uphill climb' forecast to reach trade target

He added that it's a tough time for Chinese exporters, given the rapid transfer of traditional manufacturing to neighboring countries and rising costs of production.

Still, as the global and national economies go through an adjustment period, it's unnecessary to focus too heavily on figures, according to experts.

"We've gotten used to a situation where the growth of foreign trade outpaces economic growth. However, it is time to slow down to upgrade the trade structure," said Jin Bosong, a researcher at the Chinese Academy of International Trade and Economic Cooperation, a government think tank.

Foreign trade recovery seen in Pearl River Delta

China's foreign trade down 1% in Q1

Noting the World Trade Organization's forecast that global trade will expand by 4.7 percent in 2014, Jin said that even 7 percent growth for China would be far faster than the global average.

"It will take time for China to change from an export-oriented economy," said Jin.

And it's not all gloom, he said. There are also positive developments.

"The drop in processing trade is indicating that the country is climbing up the value chain. Still, Chinese producers' added-value in the processing trade is very low," Jin said.

China's trade in services is also making progress, at least when weighed against soaring global investment in the sector.

From January to April, foreign investment in services totaled $22.5 billion, up 19.1 percent.

"Although investment in services doesn't drive merchandise trade as much as investment in manufacturing does, it's a sign of a transition," said Jin.

Mentioning the State Council's measures to deal with the "severe and complicated" foreign trade situation, which were announced earlier this month, Jin cautioned that China's export advantage lies in its numerous engineering and technical personnel.

"The government should pay more attention to the protection of intellectual property rights to stimulate the country's economy," the researcher added.

 

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