China for­eign trade tar­get not yet set de­spite eco­nomic growth

The Pak Banker - - 6BUSINESS -

BEI­JING: Com­merce Min­is­ter of China Gao Hucheng said China is ca­pa­ble of putting its eco­nomic growth on a firmer foot­ing al­though it didn't set up an ex­act growth tar­get for for­eign trade in the an­nual govern­ment work re­port this year. China didn't hit its growth tar­get in for­eign trade last year due to slug­gish global de­mand and drop­ping com­mod­ity prices, but the de­cline in China's ex­port growth rate was far lower than that of other ma­jor economies, Gao said.

This is the fourth time that China set a trade growth tar­get with­out giv­ing a spe­cific fig­ure within the past 20 years. "In ad­di­tion to weak global de­mand, other un­cer­tain­ties, such as fluc­tu­a­tion of 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 are mainly caused by con­tin­ued weak global goods de­mand and the coun­try's re­duced trade ac­tiv­i­ties dur­ing the week-long Spring Fes­ti­val hol­i­day. China's for­eign trade vol­ume reached $3.96 tril­lion in 2015, down 8 per­cent year-on-year, and 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.

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