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MOFCOM: trade climate unchanged for China
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17:24, August 12, 2009

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Challenges in the domestic and international environment that have affected China's foreign trade still remain, said Vice Minister of Commerce Fu Ziying at a press conference in Beijing on August 12..

He noted that there were uncertainties for the global economy's prospects, which means great pressure on external demand. In addition, the overcapacity in some industries still poses challenges for enterprises. And the domestic market can hardly fully offset the impact of shrinking external demand.

China's foreign trade has been down since November 2008.

It is difficult to make any forecast for China's foreign trade for the second half of the year, Fu recognized. However, he expects that the country can maintain some 2 trillion USD imports and exports for the whole year.

He highlighted three major factors affecting China's foreign trade. Firstly, the global economy is not likely to recover in the short term. Secondly, European and American consumers are turning thrifty. American residents' saving rates have risen to 6.9 percent from nearly zero before the crisis. And thirdly, trade protectionism is gaining ground.

As the second largest exporter in the world with large exports of labor intensive products, which are facing more intense competition than any other categories, it is normal that China faces much trade friction, Fu said.

He vowed to mobilize all possible resources, including local governments, guilds and enterprises, to fight against any trade protectionist actions either under bilateral or multilateral frameworks.

By People's Daily Online



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