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China's stimulus package benefits world recovery

CHINA'S stimulus package not only spurred up domestic demand, but also benefited world economic recovery and global policy coordinating, minister of commerce Chen Deming said today.

Chen made the remarks at a press conference held on the sidelines of the annual session of the National People's Congress (NPC), the country's top legislature.

"China's stimulus incentives on domestic consumption and exports abide by the rules of the World Trade Organization and bear no protectionism," Chen told reporters.

He said China always sticks to openness in foreign trade.

"Although China's exports have regained momentum since the beginning of this year, it would take two or three years for exports to return to the level of 2008, as uncertainties would remain in global recovery," he said.

Chen noted the pro-consumption measures implemented last year including subsidies to the auto and home appliance buyers also invited the participation of foreign businesses.

"A couple of days ago, more than 20 business leaders of the Fortune 500 companies told me their business in China outshined their performance in other countries last year," he said.

China's exports slipped 16 percent in 2009 as global recession sapped demands for Chinese goods.


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