China's commerce minister acknowledges that his country's economy faces 'a very serious situation'

China's economy faces a "very serious and complex situation." This was warned by the Chinese commerce minister, who suggested that the government will take measures in the second half of the year in the face of the situation.

The country's GDP grew by 5.2% in the second quarter, according to official data released Tuesday, but different analysts warn that action is needed to avoid a slowdown in the second part of the year.

"We still face a very serious and complex situation. Global changes are unstable and uncertain. Some of our policies will bring new responses in line with the times and circumstances," Wang Wentao said at a press conference, per AFP.

"Our toolbox is full, and we will be fully prepared," he added.

Asked specifically about China's reliance on exports, Wang noted that the government was preparing policies to further stimulate consumption development.

"China's economy is improving and the long-term fundamentals have not changed. The consumption market characteristics of great potential, strong resilience and vitality have not changed," he insisted.

"We are also promoting new forms of consumption," he continued. "For example, Pop Mart, these kinds of new trends, new fashions and styles ... the Labubu phenomenon has swept the world," he said.

Labubu dolls, from Chinese toymaker Pop Mart, have become an international trend and have been seen on the handbags of celebrities such as Rihanna and Cher.