BEIJING, (Reuters) – A top Chinese official has warned that China’s economy is facing multiple problems at home as well as abroad in 2018. This includes “huge” uncertainty about global trade and a lackluster domestic consumption.

The world’s second largest economy, foreign trade, was driven by uncertainty in the external market and high statistics starting 2021. Commerce Minister Wang Wentao said that.

Wang spoke at a conference and stated that foreign trade pressures will increase this year.

He said that China’s medium and small-sized enterprises have been under pressure due to high labour costs and shortages.

Wang asserted that China needs to do everything it can this year in order to increase domestic consumption because of global uncertainty.

China’s economy experienced its greatest growth for ten years, thanks in large part to robust exports and record trade surplus. There were indicators that momentum was slowing due to weakening consumption, and an increase in domestic property prices.

Retail sales increased 1.7% in December compared to a year ago, which was below the average forecast of 3.7%. This is slower than November’s 3.9% increase.

Wang stated that consumption showed some recovery momentum in February, following downward pressure in the fourth quarter.

China’s Communist Party will hold a rare five-year Congress in 2022 to ensure stability in society. President Xi Jinping should be reelected to his third term.

Wang indicated that China’s goal is to expand access to international markets and attract more foreign investment to the country’s industrial sector.

He said that foreign direct investment increased by double digits between January and February.