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'Effects of protectionism will show after 2-3 years' – Experts
Feb '09
Mr Chen Deming, Minister of Commerce
Mr Chen Deming, Minister of Commerce
On February 20, Mr Chen Deming, Minister of Commerce, wrote an article in the Wall Street Journal. He said, “Global trade is in a very grim situation. Economic crisis has led to a recession in foreign demand leading to fall in exports from major countries and in some cases plunging sharply”.

He adds, “China has witnessed negative growth in exports since November 2008 and shipments declined by 17.5 percent in January. The grim situation will worsen if trade protectionism measures are undertaken by more and more countries and will result in unpredictable consequences”.

Chen Deming continued, “China will not adopt trade protectionism and will continue to expand imports, but at the same time organise cooperative style large scale procurement of raw material, equipment and machinery to get the best prices in 2009 for the benefit of the private and state owned companies in China”.

On February 24, Mr Chen Deming led a Chinese trade and investment promotion mission to Europe which included nearly 200 entrepreneurs. They will launch a series of promotional activities and measures in Germany, Switzerland, Spain, and Britain, with regards to international trade and investment.

The Chinese government is also expected to organize similar campaigns in the North and South American markets, Asia and African countries in 2009. Experts point out that effect of protectionism will begin to show its effects only after 2-3 years from the beginning of recessionary trends.

So they affirm, the trade protection measures undertaken by different countries, is still in its infancy and may begin to show its impact, only after a period of 2-3 years, after which they predict a picture which will have no parallels till date in history.

Fibre2fashion News Desk - China

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