China details challenges, efforts on economy amid WTO review
Source: Xinhua |
June 13, 2012, Wednesday
|
Print Edition
Print Edition
THE fourth trade policy review of China, where members of the World Trade Organization examine the policies and practices of China every two years, began today.
Yu Jianhua, head of the Chinese delegation and assistant minister of commerce, told members about the macro-environment for China's economy, trade and investment development.
He said since the last WTO review in 2010, China has faced a complicated economic and trade environment. The ongoing financial crisis in Europe and the non-conventional monetary policies adopted by some members caused many negative impacts on China.
External demand has been sluggish, and the influence of the eurozone debt crisis has been deepening. Inside China, the government has been under much pressure to stabilize prices, the cost of labor has shot up while an aging population brings more challenges.
However, to promote robust, sustainable and balanced growth, the Chinese government has deepened reform and opening up, expanded domestic demand and accelerated economic restructuring to foster growth.
The development of China's economy and trade has maintained good momentum, and China's economic and trade links with other countries and regions have been strengthened, Yu said.
China's import growth has outpaced exports in the past two years, indicating that trade is becoming more balanced. In 2010 and 2011, China's exports of goods totaled US$1.58 trillion and US$1.9 trillion, up by 31 percent and 20 percent respectively over the previous year. Meanwhile, total imports were US$1.4 trillion and US$1.74 trillion, up by 38.8 percent and 25 percent respectively, according to Yu.
Yu said the Chinese government will push forward reform in all fronts with greater determination and courage.
"We hope that with our joint efforts, the mutually beneficial ... trade and economic relations between China and all other WTO members can continue to develop soundly and steadily," he said.
Eduardo Munoz Gomez, chairman of the Trade Policy Review Body and Colombian ambassador to the WTO, said China had received a record number of more than 1,700 written questions from nearly 30 members, including the United States, the EU, Brazil and India.
Yu Jianhua, head of the Chinese delegation and assistant minister of commerce, told members about the macro-environment for China's economy, trade and investment development.
He said since the last WTO review in 2010, China has faced a complicated economic and trade environment. The ongoing financial crisis in Europe and the non-conventional monetary policies adopted by some members caused many negative impacts on China.
External demand has been sluggish, and the influence of the eurozone debt crisis has been deepening. Inside China, the government has been under much pressure to stabilize prices, the cost of labor has shot up while an aging population brings more challenges.
However, to promote robust, sustainable and balanced growth, the Chinese government has deepened reform and opening up, expanded domestic demand and accelerated economic restructuring to foster growth.
The development of China's economy and trade has maintained good momentum, and China's economic and trade links with other countries and regions have been strengthened, Yu said.
China's import growth has outpaced exports in the past two years, indicating that trade is becoming more balanced. In 2010 and 2011, China's exports of goods totaled US$1.58 trillion and US$1.9 trillion, up by 31 percent and 20 percent respectively over the previous year. Meanwhile, total imports were US$1.4 trillion and US$1.74 trillion, up by 38.8 percent and 25 percent respectively, according to Yu.
Yu said the Chinese government will push forward reform in all fronts with greater determination and courage.
"We hope that with our joint efforts, the mutually beneficial ... trade and economic relations between China and all other WTO members can continue to develop soundly and steadily," he said.
Eduardo Munoz Gomez, chairman of the Trade Policy Review Body and Colombian ambassador to the WTO, said China had received a record number of more than 1,700 written questions from nearly 30 members, including the United States, the EU, Brazil and India.
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