Minister: Dollar, commodity prices pressure China's foreign trade

17:04, October 27, 2010      

Email | Print | Subscribe | Comments | Forum 

Chinese Commerce Minister Chen Deming expressed his concern over the unfavorable environment for China's foreign trade, particularly the excessive minting of U.S. dollars and the soaring commodity prices on the world market.

In his observation, although the world economy has been in the recovery process, signs showed that the process was slow, complicated and fragile with a lot of uncertainties. The fluctuation of the foreign exchange rates and the rising costs of raw materials and labor are both big risks facing Chinese importers and exporters.

"So far, Chinese enterprises have made some preparations and taken into consideration exchange rates fluctuations and rising labor costs. However, the imported inflation brought by out-of-control dollar printing and skyrocketing commodity prices on the world market is hitting China hard. Uncertainties caused by that has made even bigger problems for Chinese enterprises," Chen added.

In spite of that, Chen is still confident that China will achieve "steady growth" for its exports and "considerable growth" for its imports in 2011 as enterprises are taking actions to deal with those challenges.

By implementing the 12th Five-Year Plan (2011-2015), China will improve the way of doing foreign trade in terms of structure, quality, technology and standards, Chen said.

The Commerce Minister made those remarks during his recent visit to the 108th Import and Export Fair in Guangzhou.

By Jia Li, People's Daily Online


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Chinese Navy soldiers hold an evening party marking the upcoming 62nd National Day aboard Chinese Navy hospital ship "Peace Ark" in the Pacific on Sept. 28, 2011. The Chinese National Day falls on Oct. 1. (Xinhua/Zha Chunming)
  • Photo taken on Sept. 30, 2011 shows the crowd at the plaza of Beijing Railway Station in Beijing, capital of China. The railway transportation witnessed a travel peak with the approach of the seven-day National Day holidays on Friday. (Xinhua)
  • A man wearing high-heel shoes takes part in the 3rd annual Walk a Mile in Her Shoes, an event when men literally walk in women's shoes to raise awareness about ending violence against women, at Yonge-Dundas Square in Toronto, Canada, Sept. 29, 2011. (Xinhua/Zou Zheng)
  • Photo taken on Sept. 29, 2011 shows a cargo ship in danger on the sea near Zhuhai City, south China's Guangdong Province. Cargo ship Fangzhou 6 of Qingzhou of southwest China's Guangxi Zhuang Autonomous Region lost control after water stormed into its cabin due to Typhoon Nesat on the sea near Zhuhai Thursday, leaving 12 crew members in danger. Rescuers rushed to the ship and saved them by using a helicopter. (Xinhua)
  • Actress Gong Li poses for L'Officiel Magazine. (Xinhua Photo)
  • Demonstrators from the Occupy Wall Street campaign hold placards as they march in the financial district of New York September 29, 2011. After hundreds of protesters were denied access to some areas outside the New York Stock Exchange on September 17, demonstrators set up a rag-tag camp three blocks away. Zuccotti Park is a campground festooned with placards and anti-Wall Street slogans. The group is adding complaints of excessive police force against protesters and police treatment of ethnic minorities and Muslims to its grievances list, which includes bank bailouts, foreclosures and high unemployment. (Xinhua/Reuters Photo)
Hot Forum Discussion