Rising labor costs weigh on trade firms

Labor costs have grown faster at foreign trade companies than any other industry in China, increasing the financial pressure on the companies, said Shen Danyang, spokesman for the Ministry of Commerce.

Shen said Thursday that wage growth should be slower and much more stable. However, the growing cost of labor challenges the development of Chinese foreign trade industry. Since 2011, the minimum wage has increased 22 percent on average among 25 regions, such as Beijing, Shanghai and Jiangsu Province.