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China to secure 2 trillion USD foreign trade in 2009: MOFCOM
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17:34, August 12, 2009

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MOFCOM: trade climate unchanged for China

China's foreign trade has shown positive signs in the first seven months of the year and is expected to stand at about 2 trillion USD for the whole year, said Vice Minister of Commerce Fu Ziying at a press conference in Beijing on August 12.

He believes China's foreign trade can reach some 2 trillion USD for the whole year despite of the difficulties brought about by the global financial crisis. China’s exports and imports exceeded 2 trillion USD for the first time in 2005 and reached 2.5 trillion USD in 2007.

Although China's exports went down by 22 percent for the first seven months of the year and exports in July continued falling year on year, exports have actually rebounded month on month since March.

He particularly noted the fact that exports went back to 100 billion USD and the total foreign trade was back to 200 billion USD in July. That was the first time this year.

And Chinese products expanded their share in major markets including the US, EU and Japan. Imports from China gained more than 3 percentage points in the total imports of those markets, according to Fu.

Exports of light industry and textiles, with less than 10 percent downturn, are much better than other categories. Mechanical and hi-tech products, which are the pillars of China's export mix, also went down slower than the decline of the total export. Downturn in processing trade also moderated in July.

Fu attributed all the progress to the trade stimulus support in the form of fiscal, financial, industrial policies and efforts promoting trade facilitation and international economic and trade cooperation.

With those measures, mechanical and labor intensive products are prioritized. For example, according to Yao Jian, MOFCOM spokesman, 70 percent of China's electric and mechanical products are enjoying the 17 percent full export rebate. While textile and clothing products have a tax rebate of 16 percent.

By People's Daily Online

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