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China's exports seen to recover in 2010
By Wang Yanlin |
July 24, 2009, Friday
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Print Edition
Print Edition
CHINA'S exports may rebound and contribute to the country's gross domestic product next year when the global economy is seen to recover, said Ha Jiming, chief economist at China International Capital Corp Ltd.
"Although exports were the worst performer this year compared with investment and consumption, it may stage a rebound when the global economy stabilizes" in 2010, said Ha during the Forbes China City Investment Development Forum in Chongqing yesterday.
Ha forecast exports may contribute 0.7 percentage point to the country's GDP next year as Chinese goods "are still very competitive in major global markets" such as the European countries and the United States.
China's economy expanded 7.1 percent year on year in the first six months. Investment contributed 6.2 percentage points and consumption 3.8 percentage points to the growth. But exports dragged down the rate by 2.9 percentage points.
Ha also urged the country to speed up the development of alternative energies and biotechnology.
"You can see many companies listed in the Chinese stock market are in traditional industries like finance, energy or manufacturing," Ha said. "But in the United States, many are in high-tech sectors including new energies and biotechnology. If there comes another revolution in energy, I believe a lot of investment will flow out of China to chase after the opportunities in the US."
China pledged to deepen efforts to develop new energies after the US Secretary of Energy Steven Chu and Secretary of Commerce Gary Locke visited China last week to promote bilateral cooperation in the area.
"Although exports were the worst performer this year compared with investment and consumption, it may stage a rebound when the global economy stabilizes" in 2010, said Ha during the Forbes China City Investment Development Forum in Chongqing yesterday.
Ha forecast exports may contribute 0.7 percentage point to the country's GDP next year as Chinese goods "are still very competitive in major global markets" such as the European countries and the United States.
China's economy expanded 7.1 percent year on year in the first six months. Investment contributed 6.2 percentage points and consumption 3.8 percentage points to the growth. But exports dragged down the rate by 2.9 percentage points.
Ha also urged the country to speed up the development of alternative energies and biotechnology.
"You can see many companies listed in the Chinese stock market are in traditional industries like finance, energy or manufacturing," Ha said. "But in the United States, many are in high-tech sectors including new energies and biotechnology. If there comes another revolution in energy, I believe a lot of investment will flow out of China to chase after the opportunities in the US."
China pledged to deepen efforts to develop new energies after the US Secretary of Energy Steven Chu and Secretary of Commerce Gary Locke visited China last week to promote bilateral cooperation in the area.
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