Trade recovery signs surface
By Wang Yanlin |
May 26, 2012, Saturday
|
Print Edition
Print Edition
CHINA'S trade showed signs of recovery in the first 10 days of May, with exports growing 27.3 percent and imports rising 28 percent over the same period last year, Vice Commerce Minister Li Jinzao said yesterday.
In April, China's exports expanded 4.9 percent and imports edged up a paltry 0.3 percent. Both weakened more than expected and stoked fears of a faster slowdown in the world's second-largest economy.
"There are signs of things turning toward the better, which make us more confident in achieving our yearly target," Li said, stressing it was still an arduous task to fulfill the goal of a 10 percent rise in China's trade this year amid global economic uncertainties.
In the first four months, China's trade expanded 6 percent, falling well short of the target.
Li did not say what prompted the sudden rebound in exports and imports in the first 10 days of this month. May's trade data will be officially announced on June 10.
The tendency of weak exports under a deteriorating eurozone debt crisis was cited as a major reason by a slew of financial institutions to cut forecasts of China's economic growth. The World Bank last month reduced its projection of China's gross domestic product this year to 8.2 percent from a previous 8.7 percent, and predicted the country will go through a gradual adjustment.
To stimulate performance, the State Council, or Cabinet, unveiled a set of new measures on Wednesday that include accelerating construction of major infrastructure projects and expanding private investment in state-dominated fields such as railways, energy, telecommunications, education and health care.
The move by the State Council was the latest in a number of recent pledges from China's top leaders, including Premier Wen Jiabao and Vice Premier Li Keqiang, to stabilize the economy by fine-tuning policies.
In April, China's exports expanded 4.9 percent and imports edged up a paltry 0.3 percent. Both weakened more than expected and stoked fears of a faster slowdown in the world's second-largest economy.
"There are signs of things turning toward the better, which make us more confident in achieving our yearly target," Li said, stressing it was still an arduous task to fulfill the goal of a 10 percent rise in China's trade this year amid global economic uncertainties.
In the first four months, China's trade expanded 6 percent, falling well short of the target.
Li did not say what prompted the sudden rebound in exports and imports in the first 10 days of this month. May's trade data will be officially announced on June 10.
The tendency of weak exports under a deteriorating eurozone debt crisis was cited as a major reason by a slew of financial institutions to cut forecasts of China's economic growth. The World Bank last month reduced its projection of China's gross domestic product this year to 8.2 percent from a previous 8.7 percent, and predicted the country will go through a gradual adjustment.
To stimulate performance, the State Council, or Cabinet, unveiled a set of new measures on Wednesday that include accelerating construction of major infrastructure projects and expanding private investment in state-dominated fields such as railways, energy, telecommunications, education and health care.
The move by the State Council was the latest in a number of recent pledges from China's top leaders, including Premier Wen Jiabao and Vice Premier Li Keqiang, to stabilize the economy by fine-tuning policies.
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