This Year'S Policy Of Expanding Imports Will Continue To Give Impetus.

China's 2010

Huo Jianguo, President of the Research Institute of the Ministry of Commerce, told reporters that the foreign trade data in 2010 were gratifying, partly because of domestic stimulus policies.

Judging from the external environment, after the international credit rating agencies once again lowered the credit rating of some sovereign debt in Europe, Chen Deming, Minister of Commerce, stressed the need to pay close attention to the sovereign debt problem of Europe in 1 and February in 2011.

Chen Deming said that the European Union and the International Monetary Fund are well aware that Europe can properly cope with the sovereign debt crisis.

The European Central Bank and IMF have already prepared about 750000000000 Euro emergency funds, plus the initial relief funds, totaling nearly 1 trillion euros.

But this is only for sovereign countries to borrow money. These are not gratuitous and interest free.

In addition, these sovereign states have issued many bonds. "This is to treat acute diseases as chronic diseases. It is not easy to say that 3-5 years after the debt crisis can be fully recovered."

Chen Deming said.

Huo Jianguo believes that the second half of this year has repeated possibilities in the external environment.

On the other hand, domestic labor and raw material costs will also face greater upward pressure, which may become factors restricting the development of foreign trade this year.

Talking about the great turning point of business last year, "expanding imports" is undoubtedly the most obvious change, and this policy will also become the focus of this year's work of the Ministry of Commerce.

Chen Deming made it clear that import and export should be equally important.

While stabilizing export growth, maintaining and expanding international market share, we should pay more attention to expanding imports and play an import role in macroeconomic balance and structural adjustment.

Driven by relevant policies, import growth in 2010 reached 38.7%, higher than the 31.3% growth rate of exports.

Huo Jianguo believes that import growth this year will still be slightly higher than exports, and overall foreign trade growth will reach 15%-20% level.

In expanding the import policy, Wang Shouwen, director of the foreign trade division of the Ministry of Commerce, said in an interview with reporters that in 2011, China will take a series of positive measures in expanding imports, such as improving some policies to encourage imports, including import discount, import credit, import credit insurance, etc., to improve import structure and expand imports of consumer goods, medical equipment and energy saving and environmental protection products.

Wang Shouwen also revealed that the first National Import Conference will be held in 2011, and specific measures to promote imports will be formulated.

Since 2001, China's trade surplus has been increasing gradually, reaching a high of 295 billion 460 million US dollars in 2008.

The higher surplus has increased foreign reserves, and has also brought pressure on China's balance of payments imbalance and RMB appreciation.

As processing trade is the main cause of the surplus, promoting the pformation of processing trade has undoubtedly become an important starting point for improving trade balance.

The reporter has learned that the long awaited guidance on promoting pformation and upgrading of processing trade is expected to come out in the near future. It will clearly encourage the processing trade to extend to the high end of the industrial chain, extend the domestic value-added chain of processing trade, and steadily push forward the shift to the central and western regions.

At the same time, the project of "two high and one capital" will also be subject to more stringent control.

On the other hand, in order to promote trade balance and expand exports steadily while stabilizing exports, this year's surplus may continue to narrow.

The latest report released by the bank predicts that the trade surplus will stabilize in January 2011 and the annual surplus will be narrowed to around us $150 billion.