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Chinese Minister reiterates opposition to trade protectionism

05
Dec '09
Chinese Minister of Commerce, Chen Deming, while attending the Seventh WTO Ministerial Conference in Geneva, said that, the adjustment of economic structure should be based on trade liberalization and by opposing trade protectionism.

It will not be competitive, neither be sustainable, if other governments follow the example of the US government to achieve recovery of domestic production through frequent trade protectionist actions.

He said that although China has been greatly impacted by the financial crisis, China has promptly taken to a series of response measures to expand domestic demand, due to which, China's economy has recovered quickly.

The GDP was estimated to touch 8 percent at the beginning of the year, or even higher. China's domestic demand (mainly investment and consumption) has boosted GDP growth by about 12 percentage points.

While the decline in international trade, may cause a negative impact on GDP by 3.5-4 percentage points. Compared to last year, China's imports and exports may fall 16-17 percent this year.

He noted that China would continue to maintain stability in macroeconomic policies such as fiscal and financial policies, which is essential for China, and is also conducive to the world economy.

At present economic uncertainty in the world still persists and the recent events in Dubai is a clear evidence. It is estimated that China's imports and exports next year will see a resumed growth, compared to this year, but it will still be lower than last year's level.

Chen Deming said that it would also be very unfavorable to the US economy, if the U.S. consumption is sluggish. The US government should also take appropriate measures to promote the revival of consumer spending.

There is a high co-relation between the economies of the US and Asia and both should completely open up to each other and promote mutual economic development and maintain free trade.

He concluded by saying that China is adhering to those principles and is pleased to see her trading partners also adopt the same measures.

Fibre2fashion News Desk - China


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