On April 15th, Yao Jian, spokesman of the Ministry of Commerce, said at a regular press conference that due to the gap in economic recovery at home and abroad, the monthly data of import and export will be at the equilibrium point, and the deficit may still appear. The surplus will be reduced by another $100 billion on a year-on-year basis.
In the first quarter, China's foreign trade continued its recovery growth, with imports increasing by 8.2% year-on-year, exports up slightly by 3.3%, and trade surplus of US$14.49 billion, down 76.7% year-on-year. In this regard, Yao Jian said that the growth rate of imports in the first quarter was higher than that of exports, which was mainly caused by the strong domestic demand, which led to high import growth and rising prices of some raw materials. At present, as the Asian and European markets have not recovered from the financial crisis, my foreign demand is still affected. In particular, labor-intensive industries have seen a decline in exports in March. The next step is to strengthen the scale of short-term credit insurance and trade facilitation. We will strive to restore our exports to pre-crisis levels within 2-3 years.
In predicting the future export situation, Yao Jian said that the import and export of the entire first quarter is maintaining a recovery growth situation. The surplus in the first quarter was 14.54 billion US dollars, a sharp drop of 76.6%. If the total surplus for the whole year can be reduced by 50%, the total surplus this year will be reduced by 100 billion US dollars on the basis of 2009, so that the proportion of recurring projects in the total GDP will become 3% to 4 %. Yao Jian said: "This is very beneficial for maintaining the steady growth of trade and achieving the goal of balancing trade, and this will also become a work direction for the Ministry of Commerce in the third and fourth quarters."
On the issue of Sino-US trade, which is of general concern, Yao Jian said that the real situation of Sino-US trade has been misunderstood. In the new historical context, trade statistics should be re-interpreted. There are differences in the industrial structure between China and the United States. Unlike China, which is dominated by manufacturing, the United States is profitable in the service industry. If we only look at the trade surplus or deficit of goods, it is a misunderstanding of the real situation of Sino-US trade.
Yao Jian said that Sino-US trade is a mutually beneficial trade, and China has provided a huge market and a large number of employment opportunities for the United States. In the context of the financial crisis, US multinationals have achieved profitability and development through the transformation of the Chinese market. According to statistics, China has jumped to the second place in the US export market in the past decade. According to customs statistics, from January to March this year, China’s imports from the United States increased significantly, importing 2.36 billion US dollars, an increase of 42.7%. China has become an important export market for mechanical and electrical products such as automobiles and airplanes in the United States. In 2009, China was the only growth market in the top 10 US auto export markets.
Yao Jian said that the monopoly of the three major iron ore suppliers has attracted the attention of steel companies in China and Europe. At present, the Anti-Monopoly Bureau of the Ministry of Commerce is also studying this issue.
Yao Jian hopes that the iron ore supply and demand sides will not be interfered by short-term factors, and the signing of iron ore with long-term agreements will benefit both parties. At the same time, he reminded that the supply of iron ore in China has changed: First, China's importing countries have diversified, from a dozen importing countries in previous years to several importing countries, so as to stabilize the unreasonable price monopoly. Second, China's domestic iron ore supply is also increasing, and China's iron ore dependence has dropped from 70% to 60%.
In the first quarter, China's foreign trade continued its recovery growth, with imports increasing by 8.2% year-on-year, exports up slightly by 3.3%, and trade surplus of US$14.49 billion, down 76.7% year-on-year. In this regard, Yao Jian said that the growth rate of imports in the first quarter was higher than that of exports, which was mainly caused by the strong domestic demand, which led to high import growth and rising prices of some raw materials. At present, as the Asian and European markets have not recovered from the financial crisis, my foreign demand is still affected. In particular, labor-intensive industries have seen a decline in exports in March. The next step is to strengthen the scale of short-term credit insurance and trade facilitation. We will strive to restore our exports to pre-crisis levels within 2-3 years.
In predicting the future export situation, Yao Jian said that the import and export of the entire first quarter is maintaining a recovery growth situation. The surplus in the first quarter was 14.54 billion US dollars, a sharp drop of 76.6%. If the total surplus for the whole year can be reduced by 50%, the total surplus this year will be reduced by 100 billion US dollars on the basis of 2009, so that the proportion of recurring projects in the total GDP will become 3% to 4 %. Yao Jian said: "This is very beneficial for maintaining the steady growth of trade and achieving the goal of balancing trade, and this will also become a work direction for the Ministry of Commerce in the third and fourth quarters."
On the issue of Sino-US trade, which is of general concern, Yao Jian said that the real situation of Sino-US trade has been misunderstood. In the new historical context, trade statistics should be re-interpreted. There are differences in the industrial structure between China and the United States. Unlike China, which is dominated by manufacturing, the United States is profitable in the service industry. If we only look at the trade surplus or deficit of goods, it is a misunderstanding of the real situation of Sino-US trade.
Yao Jian said that Sino-US trade is a mutually beneficial trade, and China has provided a huge market and a large number of employment opportunities for the United States. In the context of the financial crisis, US multinationals have achieved profitability and development through the transformation of the Chinese market. According to statistics, China has jumped to the second place in the US export market in the past decade. According to customs statistics, from January to March this year, China’s imports from the United States increased significantly, importing 2.36 billion US dollars, an increase of 42.7%. China has become an important export market for mechanical and electrical products such as automobiles and airplanes in the United States. In 2009, China was the only growth market in the top 10 US auto export markets.
Yao Jian said that the monopoly of the three major iron ore suppliers has attracted the attention of steel companies in China and Europe. At present, the Anti-Monopoly Bureau of the Ministry of Commerce is also studying this issue.
Yao Jian hopes that the iron ore supply and demand sides will not be interfered by short-term factors, and the signing of iron ore with long-term agreements will benefit both parties. At the same time, he reminded that the supply of iron ore in China has changed: First, China's importing countries have diversified, from a dozen importing countries in previous years to several importing countries, so as to stabilize the unreasonable price monopoly. Second, China's domestic iron ore supply is also increasing, and China's iron ore dependence has dropped from 70% to 60%.
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