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Bashing China won't solve world debt crisis: minister (2)


16:45, November 04, 2011

According to Chen, China's imports soared by 23.3 percent between 2008 and 2010, creating a trillion-U.S. dollar market for the rest of the world. At the same time, its trade surplus shrank from nearly 300 billion dollars at its peak in 2008 to 107.1 billion U.S. dollars as of the first three quarters of 2011, decreasing as a percentage of GDP from 6.5 percent to 2.2 percent.

"In short, China has become an important factor in promoting balanced global trade growth and world economic recovery," he wrote.

He noted that China has phased out import licensing requirements for more than 800 tariff lines, and abolished customs duties on goods from 95 percent of the world's least-developed countries.

China is now the largest export market for Japan, Republic of Korea, southeast Asia, Brazil and South Africa. It is the second-largest export market for the European Union, and the third largest for the United States, according to Chen.

For many American and European businesses, it was orders coming from China that enabled them to restart production after the crisis hit, and put their employees back to work, Chen added.

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