Restructuring must go on

The bearish trade data, a prelude to the country's release of its GDP growth figure on Monday, are set to disillusion those who had pinned their hopes on a change in the stance of reform-minded policymakers and who hoped for a stimulus to bail out the economy.

Exports fell by 3.1 percent year-on-year in June, the first decline since January 2012, while imports dropped by 0.7 percent, according to the General Administration of Customs. Both were far short of market expectations.

With weakening external demand and lackluster internal demand, the world's second-largest economy faces growing pressures. The latest trade figures unequivocally show that the challenges stemming from the economic slowdown will become harsher in the second half of this year, if the current trends remain unchanged.