Exports need 2-3 years to revive, says minister
Source: Xinhua |
March 7, 2010, Sunday
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Print Edition
Print Edition
Commerce Minister Chen Deming said yesterday China's exports may need two or three years to return to pre-crisis levels, and called for the United States to loosen high-tech exports to China to bridge the trade gap.
"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 global recovery is still haunted by uncertainties," Chen told a press conference.
He was speaking on the sidelines of the annual session of the National People's Congress (NPC), the country's top legislature.
"It is still too early to say exports will score full-year growth this year," he said.
The worst global recession in eight decades dealt a heavy blow to China's exports which fell 16 percent to US$1.2 trillion in 2009, while imports dropped 11.2 percent to US$1 trillion.
Exports returned to growth in December after 13 consecutive months of decline.
"We should have basic understanding about the reality that the global recovery is still very fragile and unstable," Chen said.
When asked for comments about some US officials labelling China as a "currency manipulator," Chen said he had no official information on the issue, but he noted exchange rates were related to trade, unless bilateral trade was completely "open."
However, that was not the case between China and the United States considering the US restrictions on high-tech exports to China, Chen said.
"What is the point of talking about surplus and deficit if bilateral trade is not on the basis of openness and equality?" he asked.
"As a matter of fact, many Chinese importers told me they wanted to buy from America, but were baffled by US export restrictions."
US exports to China range from jumbo jets to farm produce. However, high-tech exports are banned. The US government intensified restrictive measures in 2007, according to Chen.
He said the US's restrictive measures were not fair for US exporters, producers and consumers, notably against the background that President Obama pledged to double US exports in five years to sort out unemployment.
China, which replaced Germany as the world's biggest exporter at the end of 2009, is under increasing criticism for devaluating the yuan to earn artificial price advantages.
Premier Wen Jiabao said on Friday that China would keep the exchange rate of the yuan basically stable at an "appropriate and balanced level" in 2010.
Chen said the exchange rate was part of domestic macro-policy, and the issue should not be politicized.
"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 global recovery is still haunted by uncertainties," Chen told a press conference.
He was speaking on the sidelines of the annual session of the National People's Congress (NPC), the country's top legislature.
"It is still too early to say exports will score full-year growth this year," he said.
The worst global recession in eight decades dealt a heavy blow to China's exports which fell 16 percent to US$1.2 trillion in 2009, while imports dropped 11.2 percent to US$1 trillion.
Exports returned to growth in December after 13 consecutive months of decline.
"We should have basic understanding about the reality that the global recovery is still very fragile and unstable," Chen said.
When asked for comments about some US officials labelling China as a "currency manipulator," Chen said he had no official information on the issue, but he noted exchange rates were related to trade, unless bilateral trade was completely "open."
However, that was not the case between China and the United States considering the US restrictions on high-tech exports to China, Chen said.
"What is the point of talking about surplus and deficit if bilateral trade is not on the basis of openness and equality?" he asked.
"As a matter of fact, many Chinese importers told me they wanted to buy from America, but were baffled by US export restrictions."
US exports to China range from jumbo jets to farm produce. However, high-tech exports are banned. The US government intensified restrictive measures in 2007, according to Chen.
He said the US's restrictive measures were not fair for US exporters, producers and consumers, notably against the background that President Obama pledged to double US exports in five years to sort out unemployment.
China, which replaced Germany as the world's biggest exporter at the end of 2009, is under increasing criticism for devaluating the yuan to earn artificial price advantages.
Premier Wen Jiabao said on Friday that China would keep the exchange rate of the yuan basically stable at an "appropriate and balanced level" in 2010.
Chen said the exchange rate was part of domestic macro-policy, and the issue should not be politicized.
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