Trade still weighs in blueprint

08:34, December 28, 2010      

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Although China is trying hard to shift to an economy powered by domestic consumption rather than exports, trade still weighs heavily in its economic blueprint for the next two decades.

China aims to strengthen its position as a big trading nation in the next decade and to become a strong trader after 2021, Vice Commerce Minister Zhong Shan said at a forum organized by the Development Research Center under the State Council, China's Cabinet, according to a statement published yesterday on the ministry's website.

"China will keep its trade growth stable," Zhong said. "China's trade growth must be higher than the global average to secure its position in the world, and it must be higher than China's gross domestic product expansion to be able to fuel a healthy economic development."

The two "musts" mean China's trade should expand by double digits in 2011, Zhong added.

China's overall trade value is expected to exceed US$2.9 trillion this year, a new record that will account for more than 10 percent of global trade. Last year, China's trade value made up 9.6 percent of the world's total.

In the first 11 months of this year, China's trade surged 36.3 percent to US$2.67 trillion, according to the General Administration of Customs. The trade surplus through November, however, fell 3.9 percent from a year earlier to US$170.4 billion.

Zhong said China won't curb exports to balance its trade but will boost imports, outbound foreign investments and increase trade in services.

"China's exports have recovered strongly from the global financial crisis," said Xue Jun, analyst at CITIC Securities Co.

"But it is under great pressure when the global economy faces uncertainties and the yuan becomes stronger."

Source: Shanghai Daily
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