Imports to be given more emphasis in China | WPN World People News

BEIJING China's foreign trade condition continues to be "grim" and the country will put more emphasis on expanding import, said a minister, as a more positive picture emerged of the nation's economy.

The world's largest exporter is pinning its hopes on import growth to maintain trade balance and sustain recovery, said the minister.

Minister of Commerce Chen Deming said Monday that despite some recovery in May's trade figures, China's foreign trade condition is still "grim".

He said China might be able to maintain 10-per cent growth this year "if we're lucky", Xinhua said.

Chen said on the sidelines of a national conference on imports that in the wake of turbulence in the global market, China's foreign trade has entered a new stage in which equal emphasis should be placed on both exports and imports.

The value of China's imports jumped to $1.74 trillion in 2012 from $295.3 billion in 2002, according to data from the Ministry of Commerce, the state-run Xinhua reported.

China's foreign trade rose 14.1 per cent year on year to $343.58 billion in May, rebounding from the 2.7 per cent growth registered in April, with imports rising 12.7 per cent to $162.44 billion, according to customs data.

China is expected to overtake the US as the world's largest importer, with the value of imported goods expected to exceed $8 trillion in the 2011-2015 period, the ministry said.

China's central bank cut interest rates on Thursday for the first time in more than three years in an effort to boost growth on worries of a slowdown.

Source:The Asia News.Net