Com­merce min­is­ter: Growth to re­main on firm foot­ing

China Daily (Canada) - - LIFE - By ZHONG­NAN zhong­nan@chi­

Com­merce Min­is­ter Gao Hucheng said China is ca­pa­ble of putting its eco­nomic growth on a firmer foot­ing de­spite the fact that no ex­act growth tar­get for for­eign trade was set out in the Govern­ment Work Re­port this year.

Even though China did not achieve its growth tar­get for for­eign trade last year due to slug­gish global de­mand and fall­ing com­mod­ity prices, Gao said the de­cline in the na­tion’s ex­port growth rate was far lower than that of other ma­jor economies.

This is the fourth time in the past 20 years that China has not set a spe­cific tar­get for its for­eign trade growth.

“In ad­di­tion to weak global de­mand, other un­cer­tain­ties, such fluc­tu­a­tions in for­eign cur­ren­cies and pol­icy ad­just­ment in ma­jor economies have had an im­pact on both global trade and China’s for­eign trade vol­ume,” the min­is­ter said.

Gao said the drop­ping trade vol­ume in the first two month of this year was mainly caused by con­tin­ued weak global de­mand and the Spring Fes­ti­val cel­e­bra­tions in China.

China’s for­eign trade vol­ume reached $3.96 tril­lion in 2015, down 8 per­cent yearon­but its for­eign trade in goods, ex­port value and to­tal on­line retail sales ranked first in the world. The coun­try’s to­tal retail sales and trade in ser­vices ranked se­cond glob­ally dur­ing the same pe­riod.

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