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People's Daily Online>>China Business

Chinese industries to remain world's most competitive in 2012, but face risks

(Xinhua)

18:20, December 12, 2011

BEIJING, Dec. 12 (Xinhua) -- China's industries will remain the most competitive in the global market in 2012, but their strength will be weakened due to the impacts of the global financial crisis, a government think tank report said Monday.

According to a blue paper published by the Chinese Academy of Social Sciences (CASS), two important factors -- stagnant growth in developed economies and pressures on the yuan's appreciation -- will trim down the global competitiveness of Chinese industries in 2012.

Chinese industries will still maintain the top position in terms of global competitiveness next year, but its shares in global exports showed signs of downward trending in 2011 and risks of a decline in 2012, Zhang Qizi, a researcher at the Institute of Industrial Economics of CASS, said at the press conference held to release the report.

"The global economic slump will put great pressures on China's exports. As trade protectionism against Chinese products is on the rise, global trade is unlikely to grow much," Zhang said.

Chinese exports accounted for 8.7 percent of the world's total in 2007, and later rose to 8.86 percent in 2008, 9.6 percent in 2009 and 10 percent in 2010, according to Zhang.

Meanwhile, the Currency Exchange Rate Oversight Reform Act of 2011, a bill passed by the U.S. Senate that aims to push for a faster appreciation of the yuan, will also affect China's exports, Zhang added.

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