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People's Daily Online>>China Business

Emerging markets key for foreign trade

By Li Jiabao (China Daily)

13:42, January 11, 2012

Export volumes to developing countries will be expanded

BEIJING - China's trade volume with the emerging markets grew at a faster rate than with its traditional markets in 2011.

Overall, foreign trade grew by 22.5 percent year-on-year to a record $3.6 trillion.

The volume of trade with Brazil rose by 34.5 percent, that with Russia grew by 42.7 percent, while trade with South Africa increased by 76.7 percent, according to data released by China's General Administration of Customs on Tuesday.

Trade with members of the Association of Southeast Asian Nations (ASEAN) increased by 23.9 percent in 2011 year-on-year, while trade with the European Union (EU) registered year-on-year growth of 18.3 percent. Sino-US trade rose by 15.9 percent last year.

The nation will expand its trading level with emerging markets this year, as it aims to diversify and offset a slowdown in exports caused by the deepening EU debt crisis and the troubled US economy, said Zhong Shan, vice-minister of commerce, on Monday.

As the global economy slows, China's traditional export markets, the US and EU, are troubled by debt crises or high unemployment. Demand from these markets will register limited growth, while the emerging markets are seeing economic expansion, said Jin Baisong, deputy director of the department of Chinese Trade and Studies at the Chinese Academy of International Trade and Economic Cooperation affiliated to the Ministry of Commerce.

"Fast-developing emerging markets will be the main targets for foreign trade in the coming years," he said.

Song Hong, a senior researcher at the Institute of World Economy and Politics at the Chinese Academy of Social Sciences, said: "Emerging markets undergoing industrialization will be the future destinations for China to expand its foreign trade."

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