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Trade protectionism must be curbed

By Mei Xinyu (People's Daily Overseas Edition)

16:56, November 11, 2011

Edited and translated by People's Daily Online

Beijing, Nov.11 (People's Daily Online) --There is a need to curb the rising tide of trade protectionism now more than ever. The recent G20 summit in Cannes has arranged a special chapter in an announcement on trade protectionism, in which it has urged its state members not to introduce new protectionist measures before 2013 in order to stimulate exports and has also asked the WTO, OCED and UNCTAD to continue to track the situation of trade protectionism and publish an interim report for every half year.

Because the U.S. and European sovereign debt crises have cast a dark shadow over the world economy, some countries are seeking to use trade protectionism as a means to transfer crisis pressure to other countries, which has boosted the risks of trade protectionism.

Curbing trade protectionism is of particular significance to China because China is the world's largest country in terms of exports value. It is also most dependent on the global trade and the greatest victim over two decades of trade protectionism in the world.

Curbing protectionism against China will benefit both the Chinese and global economies. China has made the greatest contribution to world economic growth, and its trading partners have benefited much from its massive and steadily growing imports. Once China's exports are blocked, the demand in its downstream industries will decline, which are bound to affect its import growth.


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