With Europe, China's most important market for exports, already hitting recession, crippled by its countries' maddening debt troubles, the world's second-largest economy may have to consider revising its current trade policies.

"Significantly weakened external demand" from its partner nations and markets will push China's exports to decelerate in 2012, Wang Tao, an economist with the financial-services firm UBS AG, said in China Daily.

Exports have long been China's main driver of its economic growth. In October, exports increased 15.9 per cent to $157.49 billion compared a year ago. However, it was the lowest growth rate seen for exports in five months, Xinhua News, according to the General Administration of Customs, reported.

The slash in exports contrasts the rapid growth seen in the value of China's imports, seen to reach $360 billion this year.

In anticipation of a massive domino effect, the government will provide more financial support for exporters, Vice-Premier Wang Qishan said when he met with Chinese importers and exporters during a visit to Shenyang, the capital of Liaoning province. Moreover, taxes imposed on import and export companies will be reduced.

China will also focus on the difficulties of small and medium-sized exporters, Wang noted.

China's commerce ministry has also been working double time, trying to sustain exports of products that were cheaply made in China, promoting exports of products with high-added value at the same time promoting technology, branding, quality and service.

The government will push to increase imports, keen on some of the "unreasonable barriers" involved in importing to make it more convenient to bring goods and services into the country, Wang Qishan.

"With policy easing under way and another investment-biased stimulus coming, we expect imports to outpace exports," Wang Tao said.

"The share of consumer goods imports is expected to rise gradually as China moves to promote domestic consumption."