Ministry: No stress test yet for exporters

09:31, March 22, 2010      

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The Ministry of Commerce (MOFCOM) has not conducted yuan appreciation stress tests for export-oriented enterprises, said Yao Jian, spokesman of the ministry said on March 19.

"Industry associations of related sectors have asked the ministry for opinions," said Yao, denying earlier reports that the MOFCOM and the Ministry of Industry and Information Technology have launched stress tests for China's labor-intensive industries, aiming to determine the effect of yuan appreciation on the textile garment, shoe-making and toy sectors.

In 2009, China's export-oriented enterprises experienced falling profits and contracting sales revenues. Currently, they are still in the "recovery phase," Yao noted.

China will keep stabilizing its foreign trade policies, such as exchange rate, export tax rebate, trade facilities and export credit insurance policies, he concluded.

By People's Daily Online
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