Global trade faces challenges as protectionism rises: Statistics bureau

Fu Linghui, spokesperson for the National Bureau of Statistics of China, stated that despite a challenging global environment and domestic economic adjustments, China's economy remains resilient with strong foundations, abundant potential, and a positive long-term outlook.

Fu noted that 2024 will bring greater global uncertainty, with rising trade protectionism likely to dampen international trade and economic recovery. Geopolitical conflicts will continue to impact global energy and commodity supplies, while the spillover effects of macroeconomic policy adjustments in major economies add further unpredictability.

Domestically, China's economic transformation is ongoing, requiring sustained efforts to expand domestic demand, boost employment and income, and mitigate risks.

Fu also highlighted that November's surveyed urban unemployment rate stood at 5%, unchanged from October and among the lowest levels this year. Notably, the unemployment rate for agricultural household labor fell by 0.3 percentage points to 4.4%, while youth unemployment also declined.

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