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China faces pressure to achieve 10% growth in foreign trade

2012/05/25 22:36:58

Taipei, May 25 (CNA) Weak trade results during a period when demand is traditionally strong has created pressure on China, which targeted 10 percent growth in foreign trade for the year, according to the Beijing-based Economic Information Daily.

Chinese customs data showed that among the seven provinces and municipalities that account for over 80 percent of the country's foreign trade, Jiangsu Province reported negative trade growth duringthe first four months of this year.

Only Beijing and Fujian Province recorded growth over 10 percent, while Zhejiang, Shandong and Guangdong provinces and Shanghai saw increases of 1-3 percent in their combined value of imports and exports.

A survey of over 1,800 major businesses in Zhejiang found that68.7 percent of them received export orders in April that equaled or exceeded the level of April 2011, an annual drop of 11.7 percentage points, the newspaper said.

Shen Danyang, a spokesman at China's Ministry of Commerce, recently said that shrinking foreign demand, rising manufacturing costs in China and increasing trade friction have slowed down the country's growth in exports.

Vice Minister of Commerce Li Jinzao said Friday, however, thatthe country has seen signs of improvement in trade figures from earlier this month.

The ministry plans to ensure trade growth by increasing tax rebates to exporters and loans to trading companies, while helping businesses explore emerging markets, the newspaper said.

The government also plans to push for more balanced development across China, as its foreign trade is still dominated by the eastern part of the country, the newspaper said.

(By Huang Chi-kuan and Kay Liu)