China’s exports rose almost 10 per cent year-on-year in September, according to data released at the weekend. But speak to Chinese exporters and they say the economic doldrums in Europe mean many are facing more daunting challenges than they were during the 2008 heights of the global financial crisis.
To Zhou Dewen, head of an industry lobbying group in Wenzhou, the famously entrepreneurial city in eastern China, the situation is “already worse than 2008”. “The difficulties are bigger and they are far more widespread.”
Groups such as Mr Zhou’s typically petition Beijing for export subsidies or tax rebates and his caution should be taken with a pinch of salt. But the past six months have been unusually difficult for exporters buffeted by sagging demand in western markets and wage and raw material rises at home.