China 'can meet' 10% trade rise
By Hu Xiaocen |
June 27, 2012, Wednesday
|
Print Edition
Print Edition
CHINA'S trade expanded at a relatively slow pace in the first five months, but the growth target of 10 percent in 2012 is still achievable, the Ministry of Commerce said yesterday.
"Based on the information we have from some companies and some regions, trade in June will pick up at the pace seen in May," Shen Danyang, a ministry spokesman, said at a press conference.
Trade activities gained 7.7 percent year on year in the first five months to US$1.5 trillion, giving a trade surplus of US$37.9 billion. But the gain was under the annual growth goal of 10 percent for this year.
"A contraction in the first four months steepened on rising costs, shrinking external demand and deteriorating trade environment. The pickup in May has shown encouraging signs that the measures introduced since last year have achieved preliminary and positive results," Shen said.
He is confident "China can meet the trade growth target for 2012."
Dariusz Kowalczyk, senior economist at Credit Agricole SA, warned in a report that the situation in Europe is particularly worrisome, "which will likely contribute to trade subtracting 1-1.5 percentage points from 2012 growth."
Even Shao Ning, vice director at State-owned Assets Supervision and Administration Commission, cautioned state-owned enterprises to prepare for a wintry period that will last three to five years as the economy contracts after 30 years of rapid growth.
But Shen said the situation is not that severe based on the trade and business data the commerce ministry has compiled.
"Of course the companies should prepare for the worse. But I have confidence in the country to get through the woes, just like how we conquered the global financial crisis years ago," he said.
"Based on the information we have from some companies and some regions, trade in June will pick up at the pace seen in May," Shen Danyang, a ministry spokesman, said at a press conference.
Trade activities gained 7.7 percent year on year in the first five months to US$1.5 trillion, giving a trade surplus of US$37.9 billion. But the gain was under the annual growth goal of 10 percent for this year.
"A contraction in the first four months steepened on rising costs, shrinking external demand and deteriorating trade environment. The pickup in May has shown encouraging signs that the measures introduced since last year have achieved preliminary and positive results," Shen said.
He is confident "China can meet the trade growth target for 2012."
Dariusz Kowalczyk, senior economist at Credit Agricole SA, warned in a report that the situation in Europe is particularly worrisome, "which will likely contribute to trade subtracting 1-1.5 percentage points from 2012 growth."
Even Shao Ning, vice director at State-owned Assets Supervision and Administration Commission, cautioned state-owned enterprises to prepare for a wintry period that will last three to five years as the economy contracts after 30 years of rapid growth.
But Shen said the situation is not that severe based on the trade and business data the commerce ministry has compiled.
"Of course the companies should prepare for the worse. But I have confidence in the country to get through the woes, just like how we conquered the global financial crisis years ago," he said.
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