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China's monthly trade surplus down 10 pct (2) |
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10:47, August 11, 2007 |
Qi Jingmei, an analyst with the State Information Center, predicted that export growth in the second half will slow down to 21 percent to 24 percent as the country moves to ease trade restriction with other countries.
In the first seven months, the European Union remained China''s top trading partner, with bilateral trade volume reaching 190 billion U.S. dollars, up 28.5 percent on last year.
The growth was 11 percentage points higher than China-U.S. trade growth in the same period and 13.3 percentage points higher than China-Japan trade growth.
Despite the yuan''s appreciation, the government still faced difficulty in reducing the trade surplus, said Zhang Yansheng, director of the International Economic Research Institute of the National Development and Reform Commission.
The currency appreciation failed to affect foreign trade as expected, Zhang said.
More than 55 percent of China''s exports were made by foreign-funded enterprises, which were little affected by the appreciation as 70 to 90 percent of their materials and spare parts were purchased aboard, he said.
Most foreign-funded enterprises were also unaffected by reduced or canceled export rebates measures as they were chiefly in the IT and equipment manufacturing industries rather than steel and textiles, which were covered by export rebates, Zhang said.
To avoid or reduce the impact of appreciation and export rebate measures, large domestic businesses chose to develop new products, raise prices and produce goods unlisted in the rebate-cut measures, he said.
Source: Xinhua
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