Abstract On December 28th, the Minister of Commerce Chen Deming predicted that China’s foreign trade growth this year will be around 6% when he made a report at the National Business Work Conference. This is far lower than the target of 10% annual foreign trade growth set at the beginning of the year. Chen Deming said that in mid-December import and export...
On December 28th, the Minister of Commerce Chen Deming predicted that China’s foreign trade growth this year was about 6% when he made a report at the National Business Work Conference. This is far lower than the target of 10% annual foreign trade growth set at the beginning of the year. Chen Deming said that there were normal factors in the growth of imports and exports in mid-December, and there were also abnormal factors. Among them, trade with Hong Kong has increased substantially, and 90% of trade with Hong Kong is entrepot trade. According to analysis, there are four reasons for growth, including the expiration of preferential policies at the end of the year, which promotes import and export, as well as the import data and export data of Hong Kong. The match is different, and the difference is more than 54 billion US dollars. Therefore, it is not excluded that the local government falsely reports the data.
"How much impact the data of the last ten days of December can still be known is not known. Generally, the annual foreign trade growth is about 6%." Chen Deming said.
With the global economic recovery weak, the industry has long expected to achieve the target of 10% growth at the beginning of the year, generally expected to be 6-7%.
In the past ten years, China’s foreign trade grew at an average annual rate of 21.7%, and this year’s sharp decline was unexpected. People in the Ministry of Commerce pointed out to Sina Finance that the export situation was expected to be severe at the beginning of the year, so the foreign trade target was lowered to 10%, but it is still underestimated. However, it should be noted that China's foreign trade growth rate is still higher than the global level, and its share in global trade is gradually expanding.
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