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China suffers double slumps in foreign trade, FDI

By Chen Lidan (People's Daily Online)

10:14, February 17, 2012

The Ministry of Commerce holds a regular news briefing on Thursday. (Source: MOC)

China suffered the worst foreign trade performance in January since the burst of the global financial crisis with slumps in both export and import. The foreign direct investment (FDI) in January also slightly plunged, the Ministry of Commerce (MOC) said Thursday.

The aggregate volume of China’s foreign trade in January was 272.6 billion U.S. dollars, 7.8 percent down year-on-year.

Shen Danyang, the spokesman of MOC, said at a regular news briefing on Thursday that the weakened demand from the major trade partners particularly the European Union gave a blow to Chinese exporters, noting that holiday factor exacerbated the pain.

The exports to the E.U. market fell as much as 3.2 percent, which apparently dragged down the export performance, Shen said.

As to import, which fell remarkably 15.3 percent in January, Shen said the slack market demand both at home and abroad, together with the export restrictions imposed by the U.S. and the E.U., were the main barricade blocking China’s efforts to boost import.

The detrimental consequences of the E.U. debt crisis went beyond the scope of trade and spread to the investment influx.

In January, China used 10 billion U.S. dollars of FDI, down 0.3 percent year-on-year, confronting a negative growth three months in a row. The part from 27 E.U. member countries dropped 42.49 percent than a year earlier to 452 million U.S. dollars, though the U.S. investment realized a growth of 29.1 percent at the same time.

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victor mata at 2012-03-1290.220.74.*
Despite the blip in inport and export China is the place to invest.

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