China set to become biggest importer in the world?
One of world's most populous nations wants to go past the Number Two spot
China, now the world's second largest importer, will become the biggest in a few short years. Minister of Commerce Chen Deming declared that since China not only provides the world with high-quality products at low costs, it also buys high-end goods supplied by global brands. Chen made the announcement at the China Development Forum 2012.
China, now the world's second largest importer, will become the biggest in a few short years. Minister of Commerce Chen Deming declared that since China not only provides the world with high-quality products at low costs, it also buys high-end goods supplied by global brands.
Chen was quick to deflect criticism that many Western politicians blamed China for global trade imbalance. The minister says that these nations seldom mention that China, with its population only accounting for 19 percent of the world total, is also the world's second largest importer.
Trade remedy measures adopted by some developed countries are not desired as they are neither fair to other economies, nor just to domestic citizens and enterprises, Chen added.
Chen says that emerging countries should base their growth on domestic demand so as to balance its growth, while opening their markets and facilitating trade in line with national conditions.
The China Development Forum 2012's theme was "China and the World: Macro-Stabilization and Economic Restructuring."
Chen also mentioned that China will maintain a trade surplus this year, although the surplus will continue to narrow.
A trade deficit in the first two months of this year, as well as its impact on the exchange rate of the Renminbi in the foreign exchange market, is "a good thing" for China, the governor of China's central bank says.
The supply-and-demand relation in the market is playing an increasing role in deciding the exchange rate of the Chinese currency, Zhou Xiaochuan, governor of the People's Bank of China (PBOC), said at a press conference on the sidelines of the ongoing annual parliamentary session.
China hit a trade deficit of 31.48 billion U.S. dollars in February, marking the largest trade deficit in a decade as import growth far outpaced exports.
The country's combined trade deficit reached 4.25 billion U.S. dollars in the January-February period after offsetting a trade surplus of 27.28 billion U.S. dollars in January.
"We need to take a longer period of time to see whether China's foreign trade will be balanced or not this year," Zhou said.
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