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Boosting imports to drive economy
By Joy Wang |
September 30, 2011, Friday
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Print Edition
Print Edition
CHINA intends to switch from focusing on exports to pursuing a balanced trade by boosting imports and using them as another catalyst to power the domestic economy, a senior official said yesterday.
Vice Minister of Commerce Zhong Shan said China intends to increase imports to pursue a balanced trade under current circumstances.
"We used to stress exports as an important source of our economic growth, but the conditions have changed. We now should seek a more balanced trade and make imports drive ahead our economy," Zhong told the China Imports Forum held in Shanghai, which was attended by senior commerce officials from nationwide.
China's imports have grown strongly in the past two years when exports were affected by the weak global demand amid a world economic crisis.
Last year, China's imports jumped 38.7 percent from a year earlier to US$1.39 trillion, while exports increased 31.3 percent to US$1.58 trillion. The rise in imports helped reduce the country's trade surplus to about US$190 billion, down 6.4 percent from 2009, and propelled China to be the world's second-largest importer.
This year has seen imports grow strongly.
In the first eight months, the country's imports surged 30.2 percent on an annual basis to US$1.13 trillion, faster than exports, which climbed 24.5 percent.
Vice Minister of Commerce Zhong Shan said China intends to increase imports to pursue a balanced trade under current circumstances.
"We used to stress exports as an important source of our economic growth, but the conditions have changed. We now should seek a more balanced trade and make imports drive ahead our economy," Zhong told the China Imports Forum held in Shanghai, which was attended by senior commerce officials from nationwide.
China's imports have grown strongly in the past two years when exports were affected by the weak global demand amid a world economic crisis.
Last year, China's imports jumped 38.7 percent from a year earlier to US$1.39 trillion, while exports increased 31.3 percent to US$1.58 trillion. The rise in imports helped reduce the country's trade surplus to about US$190 billion, down 6.4 percent from 2009, and propelled China to be the world's second-largest importer.
This year has seen imports grow strongly.
In the first eight months, the country's imports surged 30.2 percent on an annual basis to US$1.13 trillion, faster than exports, which climbed 24.5 percent.
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