China unlikely to meet foreign trade growth target
Source: Xinhua |
November 10, 2012, Saturday
|
Print Edition
Print Edition
CHINA is likely to miss the 10 percent goal it had set for foreign trade because of the European debt crisis and shrinking external demand, Minister of Commerce Chen Deming said yesterday.
The negative prediction by the minister came at a panel discussion on the report by President Hu Jintao to the 18th National Congress of the Communist Party of China.
"Even though our year-on-year export growth rate rebounded slightly to 9.9 percent in September and 11 percent in October, it remains very difficult for us to achieve the 10-percent foreign trade growth target for the whole year," Chen said.
The failure, if it does happen, will be a setback for China's foreign trade ambition, although the difficulties were forecast in March this year when Premier Wen Jiabao said in his government work report that China aimed to increase exports and imports by around 10 percent year on year in 2012.
The targeted foreign trade growth is a sharp slowdown from the 22.5 percent year-on-year increase last year when China became the world's second-largest importer after it took over Germany as the worlds' biggest exporter in 2009. A weak recovery in demand temporarily boosted China's exports and imports in September thanks to supportive policies at home and abroad.
Exports rose 9.9 percent year on year to US$186.35 billion in September, compared with 2.7 percent posted in August, according to figures released by the General Administration of Customs.
Chen said the ministry has readjusted the goal and reported to the State Council.
The negative prediction by the minister came at a panel discussion on the report by President Hu Jintao to the 18th National Congress of the Communist Party of China.
"Even though our year-on-year export growth rate rebounded slightly to 9.9 percent in September and 11 percent in October, it remains very difficult for us to achieve the 10-percent foreign trade growth target for the whole year," Chen said.
The failure, if it does happen, will be a setback for China's foreign trade ambition, although the difficulties were forecast in March this year when Premier Wen Jiabao said in his government work report that China aimed to increase exports and imports by around 10 percent year on year in 2012.
The targeted foreign trade growth is a sharp slowdown from the 22.5 percent year-on-year increase last year when China became the world's second-largest importer after it took over Germany as the worlds' biggest exporter in 2009. A weak recovery in demand temporarily boosted China's exports and imports in September thanks to supportive policies at home and abroad.
Exports rose 9.9 percent year on year to US$186.35 billion in September, compared with 2.7 percent posted in August, according to figures released by the General Administration of Customs.
Chen said the ministry has readjusted the goal and reported to the State Council.
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