STABILIZE FOREIGN TRADE

China's foreign trade companies will be faced with greater challenges during the second half, due to waning external demand and rising anti-globalization sentiment.

The ministry will step up its policy support for foreign trade firms, and introduce more measures such as export tax rebates, foreign trade credits and export credit insurance to help them overcome difficulties, Zhong said.

In addition to consolidating traditional markets, he stressed exploring emerging markets and deepening cooperation with countries along the Belt and Road in a bid to stabilize foreign trade.

The ministry will support companies building overseas marketing networks and warehouses, and encourage the development of new forms of business such as cross-border e-commerce, Zhong said.

Meanwhile, the country will expand imports to meet burgeoning domestic demand and lift global markets' confidence, he said.

BOOST DOMESTIC CONSUMPTION

As the country's economic recovery gathers momentum amid the further containment of COVID-19, China's consumption market has warmed up in recent months.

Retail sales of consumer goods, a major indicator of consumption growth, fell 3.9 percent in the second quarter, narrowing 15.1 percentage points from the decline registered in the first quarter.

To further boost domestic consumption, more efforts should be made to upgrade the consumption of urban residents, expand the coverage of e-commerce in rural areas and develop service consumption such as catering and housekeeping, according to Zhong.