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WTO starts 4th trade policy review of China


08:12, June 13, 2012

GENEVA, June 12 (Xinhua) -- The fourth trade policy review of China, where members of the World Trade Organization (WTO) examine the trade policies and practices of China over the past two years, began on Tuesday.

Yu Jianhua, head of the Chinese delegation and assistant minister of commerce, told members about the macro-environment for China's economy, trade and investment development.

He said since the last WTO review in 2010, China has been confronted with a complicated economic and trade environment. The ongoing financial crisis and the non-conventional monetary policies adopted by some members caused many negative impacts on China.

External demand has been sluggish, and the influence of the eurozone debt crisis has been deepening. Inside China, the government has been under much pressure to stabilize prices, the cost of labor has shot up while an aging population brings more challenges.

However, to promote robust, sustainable, and balanced growth, the Chinese government has deepened reform and opening up, expanded domestic demand, and accelerated economic restructuring and the transformation of the economic growth model.

The development of China's economy and trade has maintained a good momentum, and China's economic and trade links with other countries and regions have been further strengthened on the multilateral, regional, and bilateral fronts, Yu said.

He added 2010 and 2011 saw a strong growth in China's economy. GDP was up by 10.4 percent and 9.2 percent respectively, while CPI growth dropped to 4.6 percent in the fourth quarter of 2011. In the first quarter of 2012, GDP grew by a fairly strong 8.1 percent, while CPI growth further dropped to 3.8 percent.

China's import growth has outpaced export in the past two years, indicating that trade is on the way to becoming more balanced. In 2010 and 2011, China's total export of goods was 1.58 trillion U.S. dollars and 1.9 trillion U.S. dollars, up by 31 percent and 20 percent respectively over the previous year. Meanwhile, total imports were 1.4 trillion U.S. dollars and 1.74 trillion U.S. dollars, up by 38.8 percent and 25 percent respectively, according to Yu.

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