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China looks to balance trade surplus
By Wang Yanlin |
December 24, 2010, Friday
|
Online Edition
Online Edition
CHINA will introduce new rules next year to encourage imports and outbound foreign investment to balance its trade surplus, Ministry of Commerce officials said today.
The measures may include reducing duties on imports, expanding credit and credit insurance on imports, as well as importing more value-added products such as medical equipment and energy-saving goods, Shanghai Securities News reported today.
To encourage outbound investment, China will continue to experiment with a broader application of the cross-border yuan settlement program and update the directory of other countries' key industries for investment.
Commerce Minister Chen Deming was quoted as saying that the ministry will continue to support bilateral cooperation in sectors such as energy, minerals and agriculture.
"Pushing the 'go global strategy' forward is a top priority for the ministry during the 12th Five-Year Plan (2011-2015)," Chen said.
In the first 11 months, China's non-financial outbound foreign investment reached US$47.5 billion, 1.1 times the total value in 2009, according to the ministry.
It is expected this year's overall outbound investment will rise to US$50 billion, with more investors adopting advanced ways of cooperation like BOT (build, operate, transfer) and PPP (public-private partnership), the ministry said.
Chen also warned people to closely watch Europe's debt crisis, especially in January and February. There are no quick fixes for it, Chen said, even though a 750-billion-euro (US$983 billion) rescue fund has been set up to go along with bond sales to help troubled countries.
"These measures just turn an acute disease into a chronic one," Chen was quoted as saying. "And it's really hard to say whether these countries can recover in the coming three to five years."
The measures may include reducing duties on imports, expanding credit and credit insurance on imports, as well as importing more value-added products such as medical equipment and energy-saving goods, Shanghai Securities News reported today.
To encourage outbound investment, China will continue to experiment with a broader application of the cross-border yuan settlement program and update the directory of other countries' key industries for investment.
Commerce Minister Chen Deming was quoted as saying that the ministry will continue to support bilateral cooperation in sectors such as energy, minerals and agriculture.
"Pushing the 'go global strategy' forward is a top priority for the ministry during the 12th Five-Year Plan (2011-2015)," Chen said.
In the first 11 months, China's non-financial outbound foreign investment reached US$47.5 billion, 1.1 times the total value in 2009, according to the ministry.
It is expected this year's overall outbound investment will rise to US$50 billion, with more investors adopting advanced ways of cooperation like BOT (build, operate, transfer) and PPP (public-private partnership), the ministry said.
Chen also warned people to closely watch Europe's debt crisis, especially in January and February. There are no quick fixes for it, Chen said, even though a 750-billion-euro (US$983 billion) rescue fund has been set up to go along with bond sales to help troubled countries.
"These measures just turn an acute disease into a chronic one," Chen was quoted as saying. "And it's really hard to say whether these countries can recover in the coming three to five years."
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