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|Tuesday, October 30, 2001, updated at 17:01(GMT+8)|
Effect of Sluggish World Economy to China's Trade Growth Not to be UnderestimatedA sluggish world economy can in no way hold up the momentum of China's import and export trade. From a medium- and long-term point of view a retarded growth of China's foreign trade can by no means be underestimated. Subjected to the influence of an overall sagging world economic climate, China's exports have this year met with considerable difficulties and pressure. Since April, there has been seen a monthly decrease in China's export trade and a big drop of exports to world major markets and with this a drop of bulk goods, not to say a weak staying power of processing about half of China's import and export trade. Customs' statistics show that in the first 9 months China chalked altogether 376.37 billion USD of imports and exports, including 194.98 billion USD worth exports and 181.39 billion USD worth imports for a 9 percent, 7 percent and 11.2 percent increase over the same period of last year, respectively.
When speaking of a country's export trade, it depends primarily on the two basic factors, international economic environment and economic developments of the nation. As things are with China's export trade this year, a slowdown has been witnessed for a sagging economy developed in the US as the largest importer of China's exports. Japan has also been in an effort to tackle with a persistent sluggish economy as the biggest trade partner of China and the EU as well, putting a halt to the Asian economies. Inarguably found on a world scale are various economies bogged down and new adjustments have to be carried out.
In spite of a world economic slowdown, the Chinese economy has however shown good momentum of growth and keeps up a steady growth and this has laid an important material basis for new advances in developing China's export trade. Attributed to this are great concerns given by the CPC Central Committee and the State Council over the work in developing its export. Since April, a series of effective measures have been timely adopted in boosting the country's foreign trade. These involve favorable conditions as striving for a speedy and a higher rate of refund of duty, and simplifying procedures and supervision and clearance by the Customs, tariff and other related departments in the way greater conveniences have been provided for clearance by large and new hi-tech enterprises. A greater effort has also been made for a restructuring of the country's foreign trade system, normalizing and giving great leeway for developing export trade. By now, a change is envisaged to Chinese manufacturers' foreign trade management from examination and approval to a system of registration and a further improvement of the whole administrative setup of the country's processing trade.
For a flagging world economy, a negative growth has come to overshadow economies of many countries as the US. To cope with this, varied ways have been used and measures adopted by China for an expansion of export and on a 27.8 percent growth last year there has been miraculously achieved a further 9 percent growth of the country's export trade in the first nine months this year.
To a varied extent China's export trade to the US has been affected as a result of the terror "attacks on September 11" in that country, this is a fact not to deny. Among the various negative effects exerted on China's export trade are included a number of contracts having been held up, some have either been annulled or put to delay and adding to these are transportation stoppages and raised transportation charges and insurance fees to make things more difficult.
Regardless, a fact worth of note is that Chinese exports have along been in a primary multivariant mix and labor intensive products as of food, clothing, footwear and ordinary electric appliances closely linked to people's daily life in the US.
As things are now with China's export trade, some experts say that some amount of growth can still be expected so long as a more worsening situation is excluded. But from a long-term range of view, a retarded growth of foreign trade can by no means be underestimated in the country. This is as shown by a 15.4 percent drop of deals, including a 22 percent cut to the US and a 55 percent reduction to the Gulf countries, lately concluded at the trade fair in Guangzhou. Guangzhou trade fair has long been regarded as a barometer of China's foreign trade. From the deals concluded at the trade fair of Guangzhou, unspecified factors will remain and greater difficulties can by no means be ruled out by China on its way ahead.
By People's Daily Online
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