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People's Daily Online>>China Business

Structural optimization vital to Chinese economy

By Zhou Xiaoyuan (People's Daily Overseas Edition)

15:27, December 14, 2011

Edited and translated by People's Daily Online

China's annual Central Economic Work Conference was held on Dec. 12, the latest one in the past 10 years. It seemingly implies the complex situation of China's economy.

External environment's impact cannot be underestimated

China's economy faces the twin troubles of trade protectionism and declining exports against the backdrop of a severe international economic situation.

"The external environment's influence on China's economy should not be underestimated," said Xu Hongcai, Deputy Director of the Information Department of China Center for International Economic Exchanges.

As the largest and second largest exporters to China respectively, Europe and the United States will not see economic upturn in a short time of period. The two countries expand exports and drive their economic growth and employment through trade protectionism, resulting in a significant decline in external demand, which has severely impacted China's original processing trade type and export-oriented economic model.

Ba Shusong, Deputy Head of Financial Research Institute of the Development Research Center of the State Council, said the weak economic growth in Europe and the United States will be a long-term phenomenon and will have multiple impacts on China's economy. It directly affects our external demand on the one hand and directly restricts the trend, direction and space of our policy on the other hand.

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