According to the latest data from China's General Administration of Customs, China's exports grew 6.7% in November, lower than the expected 8.5% and a slowdown from the previous month's 12.7% increase. Meanwhile, the world's second-largest economy saw a 3.9% decline in imports, the steepest drop in 9 months and in contrast with the forecasted 0.3% rise.

The weaker trade figures have added pressure on Chinese policymakers to boost domestic demand. Earlier, China's Politburo had pledged to increase fiscal stimulus in 2025 and loosen monetary policy.

"Global demand is not strong. Data from other exporting economies also show a slowdown," said Xu Tianchen, a senior economist at the Economist Intelligence Unit (EIU). He noted that countries had frontloaded purchases before U.S. President-elect Donald Trump takes office next month, but the full impact would be seen in the coming months.

Trump has recently threatened to impose an additional 10% tariff on Chinese goods to pressure Beijing to crack down on fentanyl chemicals smuggling into the U.S. He had previously said he would impose a 60% tariff on Chinese imports.

The upcoming tariffs are expected to have a greater impact than the ones imposed during Trump's first term. Exports remain a key driver of China's growth, as the economy has recently shown signs of slowing, and consumer and business confidence have declined due to the prolonged property crisis.

However, China's economy has stabilized in recent months after policymakers unveiled a raft of stimulus measures since late September. The People's Bank of China has lowered interest rates and reserve requirement ratios multiple times for banks.

Chinese President Xi Jinping expressed confidence that the country will achieve its around 5% growth target this year. He also hoped the U.S. will "cooperate with China" and reiterated that there are no winners in the trade, technology, and tariff wars.