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China Business News

Expert: China’s exports to grow 15% in 2009

China’s export volume is expected to achieve a growth rate of around 15 percent in 2009 despite the impact of the financial crisis and global economic downturn, a trade expert with the Ministry of Commerce?has said.

“It is true that coastal provinces such as Guangdong have been facing much pressure as global demand for traditional commodities has weakened significantly,” Mei Xinyu, an expert with the?ministry’s Academy of International Trade and Economic Cooperation.

In China, the so-called “traditional commodities” of export refer to garments, accessories, textile, shoes and furniture, among others.

It is also true that China’s exports of electrical and electronic products has maintained a 20-percent growth rate this year, Mei said.

“The electrical and electronic manufacturing industry, featuring advanced technology, holds the key to the development of the Chinese economy. As long as the exports of electrical and electronic products continue to grow, China’s export prospect won’t be too bad,” Mei said.

Figures from the China General Administration of Customs (CGAC)?show China’s exports of electrical and electronic products were worth $288.89 billion in the first 10 months, jumping 21 percent from the same period last year.

During the economic crisis, multinationals in the manufacturing industry are likely to speed up the process of moving their production into China or source more made-in-China products in an effort to cut cost, he said.

In addition, the Chinese government had raised tax rebate rates for exports three times since late July to create more favorable environment for exporters, he said. He predicted that the government would adopt more favorable policies in the future to encourage both exports and imports.

CGAC figures showed that China’s foreign trade volume in the first 10 months to October hit $2.189 trillion, up 24.4 percent over a year earlier. The volume was larger than that for the entire year of 2007, which stood at $2.174 trillion.

The total comprised $1.202 trillion in exports, up 21.9 percent year on year, and $986.34 billion in imports, soaring 27.6 percent.

Guangdong, in South China, has long been the country’s export powerhouse. In the first 10 months, Guangdong recorded $577.83 billion in foreign trade volume, accounting for 26.3 percent of the country’s total, according to the CGAC.

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China Business News

China calls for assistance to developing countries

China called on the international community to substantially help developing countries to maintain financial stability and economic growth so as to cope with the global financial crisis.

Vice Foreign Minister He Yafei, also special envoy of Chinese President Hu Jintao, made the remarks at a high-level meeting convened by the UN Secretary-General Ban Ki-Moon and Emir of Qatar Sheikh Hamad Bin Khalifa Al-Thani on Friday in Doha.

According to a press release from the Chinese Foreign Ministry on Saturday, China put forward a five-point proposals at the meeting.

The vice foreign minister also called on countries to pay special attention to the impact their own macro-economic policies may bring to the developing countries.

He urged the international financial organizations to establish a more facilitated mechanism by measures such as relax loan condition.

He called on the international community to restrain the trade protectionism and promote the Doha round negotiations to achieve positive results. He also called for a stronger role of the United Nations in pushing forward development.

More than thirty state leaders and ministers attending the UN high-level conference on financing for development, as well as leaders of the World Bank and economic cooperation development organizations.

The meeting analyzed the global financial crisis and the looming economic recession, as well as the impact that food shortage, energy crisis and climate change may imposed on global development, the press release said.

The meeting said under current situation, all countries should strengthen multilateralism, form partnership, increase governmental aid, fulfill commitments to developing countries, reform financial systems, and promote the World Trade organization’s Doha round to end as early as possible.

The participants also agreed that global development needs a stronger role of the United Nations, according to the press release

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