MOFCOM released, on November 11, Report on Chinese Foreign Trade Development (Autumn 2011). It is a review on China’s foreign trade in the first three quarters, and a projection for the whole year and a outlook in 2012.
According to the report, new issues cropped up in domestic economic development with a complex and ever-changing international situation, China laid stress in foreign trade on “stabilizing growth, adjusting structure and promoting balance”. Foreign trade policies remain stable in the main, growth of import and export are steady and rapid, trade structure keeps optimizing, development of foreign trade become more balanced, and progress are made in transforming the pattern of foreign trade. It’s estimated that the growth rate of China’s foreign trade will be high first and low later, import and export of the year could amount to US $3.5 trillion and an growth of 20%.
According to the report, the main risk of China’s foreign trade development in 2012 could come from the increasingly complex external environment. The slowdown in world economic recovery and increased downside risks will bring a number of risks and challenges to the steady development of China’s foreign trade. Domestically, to maintain steady development of China’s foreign trade has both basic and favorable conditions and is faced with rising cost pressure. Considering various factors, China’s foreign trade in 2012 will keep growing, but the growth rate may fall.
The report said that confronted with complex and challenging environment both at home and abroad, China will keep its foreign trade policy steady and constant, strive to overcome the adverse impact by external environment and maintain stable export growth; China would attach great importance structure of import and export, market structure and regional structure, to accelerate the transformation of foreign trade development, and to increase the capacity for sustainable development of foreign trade; And should firmly expand imports, create more favorable conditions for the enterprises to expand imports, and continually contribute to the development of global trade balance.
Source: Ministry of Commerce Website; http://english.mofcom.gov.cn/aarticle/newsrelease/significantnews/201111/20111107830049.html