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September 9, 2009

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China aims to improve quality of trade

CHINA expects to maintain its share of global trade amid the worldwide economic downturn and will enhance efforts to upgrade the quality of its trade, Commerce Minister Chen Deming said yesterday at an international trade fair.

"We hope to grow from a country which features a big volume of trade to one strong in quality. We need to adjust the structure of our trade and move toward deals of more value-added products," Chen said in an interview with China Central Television when the 13th China International Fair for Investment and Trade opened in Xiamen, Fujian Province.

He also said China would gradually relax restrictions on share ownership by foreign investors in their ventures on the Chinese mainland. The service industry, including the financial sector, will be further opened to foreign investment step by step and qualified overseas companies will soon be allowed to be listed on the mainland, said Xinhua news agency.

The fair, organized by the Ministry of Commerce, is China's only international investment promotion event aimed at facilitating bilateral trade. It ends on Friday.

Yesterday, companies in Shanghai's Pudong New Area signed 19 projects with a total value of 15 billion yuan (US$2.1 billion) at the fair. Eight focused on areas such as new energy and bio-medicine.

"China can't afford to lose its share in global trade and we are making great efforts to retain our clients amid the global financial crisis," Chen said.

"The government will continue to carry out supportive policies to aid exporters, easing their financial burden and helping them expand into new markets.

"We will also guide them to cope with the rising trade conflicts within the framework of the World Trade Organization."

China's trade grew to US$2.56 trillion last year, making the country the world's third largest trading entity and second largest exporter.


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