China's foreign trade to reach US$2 trln in 2009: MOC

Aug. 13, 2009 (China Knowledge) - China's foreign trade has shown positive signs in the first seven months of this year and is expected to reach US$2 trillion for the whole year, said Vice Minister of Commerce Fu Ziying at a press conference in Beijing on Aug. 12.

China's central government has taken a series measures to boost overseas demand, which currently shows some positive changes. In July, the country's exports exceed the record high of US$100 billion, and total foreign trade was back to the US$200-billion level in July, said Fu, adding that exports saw a monthly increase despite the year-on-year decline.

China's share in its major export markets, the U.S., the E.U. and Japan, is increasing. Imports from China increased more than 3 percentage points with respect to the total imports in those markets, according to Fu.

The government's tax rebate policy also improved exports of mechanical and labor-intensive products. Exports of products in labor-intensive industries such as the garment, furniture and shoe industries had a decline rate less than 10%, much better than other categories.

Since the outlook for global economic recovery is clouded and trade protectionism still exists, China's foreign trade still faces difficulties, Fu said. He added that the government should take further measures to stabilize external demand and adjust its industrial structure.

In 2005, China’s exports and imports exceeded US$2 trillion for the first time. The figure was US$2.5 trillion in 2007.