China's foreign trade for 2008 is on target to achieve 15 percent growth, but the figure is lackluster compared to an annual increase of more than 20 percent in past years. Commerce Minister Chen Deming has forged a framework to fix the situation in 2009.
ChenDemingtoldanationalconferencethattheministrywill
acttomaintainstableexportgrowthnextyear.
The Commerce Minister announced on Tuesday the country's overall foreign trade volume is forecast to reach 26 trillion US dollars this year. The 15 percent rise is a sharp drop from an annual growth of more than 20 percent in the past 6 years.
Chen Deming told a national conference that the ministry will act to maintain stable export growth next year. He said various tax and financial tools will ease the burden for exporters. The government will also help companies tap into the emerging markets, such as South Asia and the Middle East.
Chen Deming said China will encourage exports of large machinery, tools, agricultural products and the labor-intensive products. He also said China will continue to move its firms up the value chain.
The government is also urging its service industries such as software and tourism to expand overseas. The minister said China will import more advanced technology in 2009 by reducing import duties and providing subsidized financing for importers.
China has been hammered by the global financial crisis, which has cut exports and foreign investment as the world economy went into a downturn. Trade shrank this November by a massive 9 percent year-on-year. The government is counting on more economic stimulus measures to help the country get through the hard time.
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