Expressing dangers of trade being protected
Source: Xinhua |
April 12, 2010, Monday
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Print Edition
Print Edition
WORLD politicians and entrepreneurs attending the annual Boao Forum for Asia have called for trade protectionism not to pose a real threat to the fragile global economic recovery.
The worst financial crisis since 1930s plunged the world economy into a recession last year, the first time since the World War II. But many economies are recovering at unexpectedly quicker rates as massive fiscal stimulus measures had paid off.
The world economy is in a recovery, but the global demand is still very weak, Yi Xiaozhun, China's deputy commerce minister, said on Saturday at the BFA meeting in Boao in Hainan Province.
Many signs also indicated that trade protectionism was rising as more and more countries took protectionist measures, Yi said.
Former Chinese Vice Premier Zeng Peiyan said the once strong support for international cooperation appeared to be eroding as the financial crisis subsides, which is "even more worrying."
Some nations were verbally against protectionism, but they in fact imposed anti-dumping or anti-subsidy measures and made a fuss about exchange rate problems, Zeng wrote in the BFA official publication.
Up to 250 anti-dumping complaints were raised last year, 20 percent more than a year earlier, and there were 41 anti-subsidy complaints, up 193 percent annually, according to the World Trade Organization.
China has become the biggest victim of trade protectionism, according to UK-based Center for Economic Policy Research. A total of 61 trading partners had taken 160 trade protectionist measures against China between November 2008 and January 2010. A further 111 protectionist measures are in the pipeline.
But China organized buying missions to Europe and the United States amid the financial crisis, quite a stark contrast to the rising trade protectionism.
Furthermore, China posted a trade deficit of US$7.24 billion in March, the first monthly deficit in six years, the General Administration of Customs said on Saturday.
Long Yongtu, BFA's secretary-general, said that the post-crisis period needed more unity and cooperation, but trade protectionism damaged the basis for unity and sent a wrong signal.
Victor Fung, chairman of the International Chamber of Commerce, said that if countries resort to protectionism, the weak economic recovery would be further periled.
The worst financial crisis since 1930s plunged the world economy into a recession last year, the first time since the World War II. But many economies are recovering at unexpectedly quicker rates as massive fiscal stimulus measures had paid off.
The world economy is in a recovery, but the global demand is still very weak, Yi Xiaozhun, China's deputy commerce minister, said on Saturday at the BFA meeting in Boao in Hainan Province.
Many signs also indicated that trade protectionism was rising as more and more countries took protectionist measures, Yi said.
Former Chinese Vice Premier Zeng Peiyan said the once strong support for international cooperation appeared to be eroding as the financial crisis subsides, which is "even more worrying."
Some nations were verbally against protectionism, but they in fact imposed anti-dumping or anti-subsidy measures and made a fuss about exchange rate problems, Zeng wrote in the BFA official publication.
Up to 250 anti-dumping complaints were raised last year, 20 percent more than a year earlier, and there were 41 anti-subsidy complaints, up 193 percent annually, according to the World Trade Organization.
China has become the biggest victim of trade protectionism, according to UK-based Center for Economic Policy Research. A total of 61 trading partners had taken 160 trade protectionist measures against China between November 2008 and January 2010. A further 111 protectionist measures are in the pipeline.
But China organized buying missions to Europe and the United States amid the financial crisis, quite a stark contrast to the rising trade protectionism.
Furthermore, China posted a trade deficit of US$7.24 billion in March, the first monthly deficit in six years, the General Administration of Customs said on Saturday.
Long Yongtu, BFA's secretary-general, said that the post-crisis period needed more unity and cooperation, but trade protectionism damaged the basis for unity and sent a wrong signal.
Victor Fung, chairman of the International Chamber of Commerce, said that if countries resort to protectionism, the weak economic recovery would be further periled.
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