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Looking back on triumphs, problems of China's 10 years in WTO (2)

By Print publications top digital reading over intensive reading  (QStheory.cn)

10:44, August 12, 2011

Problems

1) The export-orientated and extensive development mode of China, which will go against a stable and sustainable economic development, has not been fundamentally changed.

2) China’s foreign trade is unbalanced, China's trade surplus is too large, and the pressure on RMB appreciation keeps increasing. In addition, the expanding trade surplus will affect the independence of China’s macroeconomic policies, increase the money supply objectively and lead to a heavy pressure on China’s macroeconomic control.

3) China's overall trade environment has not fundamentally improved, and import prices are rising much faster than export prices for China. Due to the low labor cost of China, the prices of China’s export products have been at a low level for a long time and the foreign trade environment is worsening for China too.

4) The expansion of China's foreign trade scale depends on the processing trade too much, and the grades and added value of China's export products are too low.

Prospects

In the future, China will continue to implement the mutually beneficial and open strategy and further raise the level of the opening-up. While maintaining a steady growth of foreign trade, China will further optimize and upgrade its foreign trade structure. Pushed by factors such as the increasing domestic demand, strengthening import-supporting policies and the rising prices of international bulk products, China's imports re expected to grow faster than exports, and China's foreign trade is expected to be further balanced. As the trend of global economic recovery becomes more obvious, the international market environment for China's foreign trade will also gradually improve. The prospect of China's foreign trade is optimistic.

(The author is a special analyst for the Counselors' Office of the State Council)

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