Opinion: The Major Shifts Affecting China’s Overseas Trade

China’s goods exports slumped 14.5% year-on-year in July in dollar terms, while imports contracted 12.4%, marking further declines from the previous month. Weak external demand has become a significant drag on China’s economic growth, which means that the country should count more on domestic demand to ensure a stable economic recovery.

Here are some major shifts taking place in China’s foreign trade: