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China heads to Europe for a multi-billion trade deal
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15:33, February 25, 2009

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A group of Chinese buyers led by minister of commerce Chen Deming left Beijing for Europe for a multi-billion yuan shopping spree on Feb. 24. The delegation will visit Germany, Switzerland, Spain and the UK for a series of trade and investment talks, negotiations as well as procurement.

Reports say the Chinese buyers will bring big orders of technology, equipment, key commodities as well as services to Europe, and the mission will also bring China’s sincerity and determination to jointly tackle the recession with the region severely hit by the global credit crunch.

During his “trip of confidence” in Europe, Premier Wen jiabao promised China will send a buyer’s mission to Europe at the earliest possible time. China fulfilled it by enlarging imports from Europe, which will stimulate productions for European enterprises and ease the shrink of orders and contract demands. Meanwhile, Chinese enterprises will speed up the adjustment of economic structure thanks to the imports of advanced technology and equipment from Europe. It is a win-win solution to boost economic recovery and maintain growth.

Major European countries suffered severe economic slowdown since the recession. As a result of globalization, China’s economic development also faces many challenges and uncertainties. The Chinese buyer’s mission this time, unlike usual economic and trade activities, will produce positive results in many aspects.

The world is suffering the gravest economic recession since the Great Depression. Global trade and investment contracted drastically and the comeback of various trade protectionism measures poses a potential threat to all countries. Unlike some countries which adopted “buy-national policies” in their stimulus package, China advocates for setting up a platform and sending trade delegations abroad for procurement. Being an important WTO member, China sends an active signal worldwide that it opposes trade protectionism and is willing to promote liberalization and convenience of trade and investment within an open market to deal with the crisis.

Chinese government initiated a stimulus package of “maintaining growth, expanding domestic demand and adjusting economic structure” since the global downturn swept the world. Steady and rapid economic development in China will contribute to global financial stability and world economic growth, which will boost global confidence in combating financial crisis and bring opportunities for early recovery.

While pushing forward domestic economic growth, the Chinese government also calls for an open, win-win strategy of international economic cooperation. Chinese government has been appealing for concerted efforts in strengthening cooperation on various occasions. Spokesman with the Ministry of Commerce said that China will not adopt trade protectionism to tackle global credit crunch. China’s stance to oppose any kind of trade protectionism has won worldwide recognition and praise.

The goodwill of Chinese buyer’s mission will hopefully win a positive response. Expansion of the open market is an effective measure to handle the crisis, and meanwhile, it’s a solid foundation for setting up a just, healthy and steady world economic new order.

By People's Daily Online


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