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People's Daily Online>>China Business

China to optimize environment to stabilize foreign trade

By Wang Ke (People's Daily)

08:20, February 24, 2012

Edited and translated by People's Daily Online

Instability of global economic recovery would impact overseas market demand and domestic unbalanced, uncoordinated, and unsustainable economic development would worsen the foreign trade situation, said Zhong Shan, Vice-minister of Ministry of Commerce, at the national import, and export work meeting.

In 2012, China's foreign trade work will attach greatest importance to structure adjustment and coordination promotion and grasp the general working principle of seeking progress amidst stability, to complete the task stabilizing growth, adjusting structure adjustment and promoting balance, said Zhong Shan.

Zhong thinks that foreign trade development, seen from the fundamental point of view, depends largely upon three factors of market demand, industrial competitiveness, and development climate.

"Pressure faced by foreign trade demand is obvious this year," Zhong said. The sluggish world economy leads to sharp increment of China's pressure from stabilizing growth by export. Emerging economies are faced with dual pressure from slowed economic growth and inflation. As for import, China's economy bas been slowed down, price for bulk commodity fluctuated violently, and some countries have implemented export control of high-tech products to China.

Secondly, China's industries are faced with increasingly intensified international competition. Developed countries place emphasis on return of real economy and compete against China in fields including high-end manufacturing, emerging industries, and etc..

In China, cost of factor like labor has risen up, and exchange rate of the yuan has been appreciated, so that traditional competitive advantages of foreign trade have been weakened to some extent, and other developing countries expand competition scope against China in labor-intensive industries like textiles and garments, case and bag, and etc.

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