Ministry of Commerce: Value Trade’s Effect on Economic Growth Stabilize Exports and Encourage Imports

On the 18th, the Ministry of Commerce held a regular press conference, the Ministry of Commerce spokesman Shen Danyang, said at the press conference, the world economic recovery was weaker than the expected this year, thus Chinese government adopted a series of steady growth, structural adjustment measures to promote economic growth and make a contribution to the global economic recovery. Shen Danyang added that only in the business area, we took measures of five aspects in order to make exports, consumption and investment fully function and boost economic growth.

Shen Danyang said the first was to focus on and deepen the reform and opening up of key areas and key links, such as Shanghai FTA establishment and simplified procedures of foreign investment. Second was to expand consumer demand, retail sales of the first 10 months increased by 12%, which was not easy. In fact, consumption contributed most to economic growth, while in the past it was investment. Third, to promote the steady growth of foreign trade and structural adjustment. Whether export or import, although the growth rate might not reach many people's expectations, but China's foreign trade performed best among the world's major economies.

Shen Danyang introduced the coordination between "bringing in" and "going out". We would not only stable foreign investment, but also kept foreign investment rapid growth. Finally, we strengthened the open multilateral and bilateral cooperation, and reached a series of new free trade agreements. We completed FTA substantive negotiations relatively with Australia and South Korea. We achieved steady growth in household consumption, import and export growth steady rise, the rapid growth of foreign investment and cooperation, thus stabilizing the growth of China's economy and contributing to global economic growth.

Shen Danyang said that economic growth was the G20 Summit's core concerns, at the 2010 Toronto summit the goal sustainable and balanced growth was proposed. Australia, as chair of this year, proposed additional growth 2% in the next five years as the G20's growth targets, in order to further boost the global economy. For this reason the members have also made specific policy measures and implementation path.

China also prepared and presented a more comprehensive growth strategy report. For example, China would attach great importance to trade effects on growth, and made a comprehensive trade policy commitments in the growth strategy report, including stabilizing exports and encouraging imports, in the world few countries would encourage imports. Trade in goods, trade in services, trade liberalization and facilitation, innovative business models were also included, such as the cross-border e-commerce business model. Shen Danyang believed that China's commitment to promote trade development, would help support the Chinese economy to achieve strong, sustainable and balanced growth, which also fully embodied China’s contribution and support to the G20. (www.chinainout.com)