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Global crisis blamed for slower export growth

(Shanghai Daily)

08:58, December 08, 2011

China's export growth will be even slower in November than October's eight-month low, a senior official at the Ministry of Commerce said yesterday.

"Continuing moderation in exports is a reflection of weaker global demand, especially from the United States and the European Union," said Wang Shouwen, director of the ministry's foreign trade department. "Last month's figure will be even slower than that in October."

The National Bureau of Statistics is due to release the November trade data on Saturday, and some economists expect export growth will be the weakest in two years, excluding a sharp slide in February when the Spring Festival disrupted production.

In October, China's exports rose 15.9 percent from a year earlier to US$157.4 billion. It was the slowest pace in eight months.

Wang Changsheng, executive deputy director at the State Information Center, a research unit under the National Development and Reform Commission, said yesterday in Shanghai that China's economy was set to grow 8.7 percent next year with relatively easing inflation.

"China's domestic demand and investment will maintain its growth, but weakening exports will erode into the overall economic growth," Wang said.

Despite slower growth, trade will continue to contribute positively to China's economic growth, Vice Commerce Minister Chong Quan said yesterday.

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