China's export volume is expected to achieve a growth rate of around 15
percent in 2009 despite the impact of the financial crisis and global economic
downturn, a trade expert with the Ministry of Commerce (MOC) has said.
"It is true that coastal provinces such as Guangdong have been facing much
pressure as global demand for traditional commodities has weakened
significantly," Mei Xinyu, an expert with the MOC Academy of International Trade
and Economic Cooperation.
In China, the so-called "traditional commodities" of export refer to
garments, accessories, textile, shoes and furniture, among others.
It is also true that China's exports of electrical and electronic products
has maintained a 20-percent growth rate this year, Mei said.
"The electrical and electronic manufacturing industry, featuring advanced
technology, holds the key to the development of the Chinese economy. As long as
the exports of electrical and electronic products continue to grow, China's
export prospect won't be too bad," Mei said.
Figures from the China General Administration of Customs show China's exports
of electrical and electronic products were worth 288.89 billion U.S. dollars in
the first 10 months, jumping 21 percent from the same period last year.
During the economic crisis, multinationals in the manufacturing industry are
likely to speed up the process of moving their production into China or source
more made-in-China products in an effort to cut cost, he said.
In addition, the Chinese government had raised tax rebate rates for exports
three times since late July to create more favorable environment for exporters,
he said. He predicted that the government would adopt more favorable policies in
the future to encourage both exports and imports.
CGAC figures showed that China's foreign trade volume in the first 10 months
to October hit 2.189 trillion U.S. dollars, up 24.4 percent over a year earlier.
The volume was larger than that for the entire year of 2007, which stood at
2.174 trillion U.S. dollars.
The total comprised 1.202 trillion U.S. dollars in exports, up 21.9 percent
year on year, and 986.34 billion U.S. dollars in imports, soaring 27.6 percent.
Guangdong, in South China, has long been the country's export powerhouse. In
the first 10 months, Guangdong recorded 577.83 billion U.S. dollars in foreign
trade volume, accounting for 26.3 percent of the country's total, according to
the CGAC.