China MOFCOM Gao: Lunar new year holiday hurt Jan-Feb trade

China's Commerce Minister (MOFCOM) Gao Hucheng was on the wires via MNI today, explaining the reason behind the latest awful Chinese trade figures.

Key Quotes:

Global foreign trade remains weak; major economies are pursuing divergent economic policies; world economic growth, foreign trade, the exchange rate and commodity prices are getting more volatile

There are too many risks and uncertainties that we can't tell. Under such conditions, it's very hard to quantify any trade growth target.

Comments on the foreign trade numbers:

Exports and imports fell for two reasons - one is the weak global trade environment and second is the Chinese New Year holiday.