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But at the same time, he says the country's exports will retain a stable growth as the general situation of the country's exporting industries, especially labor-intensive ones, are on a sound path.
Chen Deming spoke at the ongoing Canton Fair being held in the southern metropolis of Guangzhou.
Citing the decline in the number of deals clinched at the fair, he said it's just the beginning.
"We will face even more challenges in the latter two months of the fourth quarter and even next year as the financial tsunami unfolds. But at the same time, the fundamentals of China's exporting enterprises are good. The enterprises' ability to survive has been reinforced in the past 30 years of opening up. I believe these businesses will ride out the crisis and embrace a brighter future."
Chen Deming added that a new export rebate policy is already in place with more supporting measures expected to be chalked up in the near future.(WWw.hxen.com)
China's economy grew at 9 percent in the third quarter, the slowest in five years, as the global financial crisis sapped demand for Chinese goods.
Experts said China should pursue a stable monetary policy and continue efforts to expand domestic consumption in the face of lingering inflationary pressure and an economic slowdown.