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Slowing exports may spur greener economy
Source: Xinhua |
December 22, 2009, Tuesday
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Online Edition
Online Edition
CHINESE exports were expected to face weak global demand for a "rather long time" as the international economic crisis was far from over, Liu Mingkang, chairman of the China Banking Regulatory Commission, said today.
Protectionism would be on the rise, which would add pressure to China's exports, Liu told a conference in Beijing.
Government data show that from January to November, the country's imports and exports totaled US$1.96 trillion, down 17.5 percent compared with the same period last year, with exports down 18.8 percent.
China's economic growth mainly relies on investment and foreign trade, with foreign trade contributing about 60 percent of the country's gross domestic product last year.
The export weakness prompted the government to step up reform of the country's economic structure, he said.
"As global demand is shrinking, structural adjustment is unavoidable for some industries that are highly dependent on exports." Liu said, referring to energy-intensive and high-polluting sectors, including steel, glass, aluminum and shipbuilding industries.
"China has to promote energy consumption efficiency and technical innovation and develop a low-carbon economy, which will help sustain economic growth," he said.
China has announced that it will reduce carbon emissions per unit of gross domestic product in 2020 by 40 to 45 percent from 2005 levels.
"Greener economic development is urgently needed, although ongoing urbanization and industrialization pose great challenges," he said.
Protectionism would be on the rise, which would add pressure to China's exports, Liu told a conference in Beijing.
Government data show that from January to November, the country's imports and exports totaled US$1.96 trillion, down 17.5 percent compared with the same period last year, with exports down 18.8 percent.
China's economic growth mainly relies on investment and foreign trade, with foreign trade contributing about 60 percent of the country's gross domestic product last year.
The export weakness prompted the government to step up reform of the country's economic structure, he said.
"As global demand is shrinking, structural adjustment is unavoidable for some industries that are highly dependent on exports." Liu said, referring to energy-intensive and high-polluting sectors, including steel, glass, aluminum and shipbuilding industries.
"China has to promote energy consumption efficiency and technical innovation and develop a low-carbon economy, which will help sustain economic growth," he said.
China has announced that it will reduce carbon emissions per unit of gross domestic product in 2020 by 40 to 45 percent from 2005 levels.
"Greener economic development is urgently needed, although ongoing urbanization and industrialization pose great challenges," he said.
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