Ministry: Chinese companies can handle exchange rate shifts

13:19, November 04, 2010      

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At the Sixth China International Forum on Corporate Social Responsibility held on Nov. 3, the Ministry of Commerce spokesman Yao Jian said, judging by the current situation, Chinese enterprises can withstand exchange rate changes.

Yao said China's trade volume now accounts for 10 percent of the global market, ranking first in the world. The current profitability of foreign trade is between 3 percent and 5 percent.

He believes Chinese companies can withstand the pressure brought by exchange rate changes. But he stressed the next step to enhance the competitiveness of Chinese enterprises does not depend on the exchange rate.

The exchange rate will not always be the thing that most directly affects the competitiveness of Chinese enterprises, Yao said. He believes that the wisdom of entrepreneurs and business innovation are what will ensure the long-term development of the "Made in China" brand.

Referring to the frequent quality problems of the "Made in China" brand, Yao said although there are some well-known brands in China's current export commodities, most exports are still at the low end, and there are also many knockoffs on the market.

Recently in economic and trade cooperation with the United States and the European Union, intellectual property issues have been stressed even more than the exchange rate issue.

Yao hopes on the one hand that Chinese enterprises can further establish awareness of intellectual property rights and enhance their capacity to independently innovate. On the other hand he also called for local governments to build public service platforms for small and medium enterprises (SMEs) to help these enterprises further their efforts to design new products.

By Huang Beibei, People's Daily Online


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