China could record trade deficits in some months this year, as import growth outpaces that of exports. Commerce Minister Chen Deming, says it will help balance trade.
Commerce Minister Chen Deming told a press conference today that China's exports will see a mild increase this year, due to a complicated domestic and international situation.
Chen said the principle for this year's foreign trade policy is to stabilize exports and boost imports, which would ultimately lower the trade surplus.
Chen Deming, Chinese Commerce Minister, said, "First of all, we want to perfect China's marketing system, improve retail market regulations, and reduce the cost of circulation. We will also make great efforts in developing our own brand. For those foreign brands, especially that are made in China, we want to transfer those products into domestic sales."
Chen said there's likely to be exchange rate fluctuations, increasing protectionism, higher costs of raw materials and labor as well as a shortage of domestic labor.
"The ratio of trade surplus in GDP might further decrease this year. It will be improved, but there is a possibility that China will register trade deficits in some months " Chen said.
Chen added that imports will expand rapidly this year as the country steps up efforts to restructure the economy, push forward its free trade agreements and improve import regulations. Despite increasing uncertainties and difficulties, Chen said the outlook for China's foreign trade remains good this year.
Commerce Minister Chen Deming told a press conference today that China's exports will see a mild increase this year, due to a complicated domestic and international situation.
Chen said the principle for this year's foreign trade policy is to stabilize exports and boost imports, which would ultimately lower the trade surplus.
Chen Deming, Chinese Commerce Minister, said, "First of all, we want to perfect China's marketing system, improve retail market regulations, and reduce the cost of circulation. We will also make great efforts in developing our own brand. For those foreign brands, especially that are made in China, we want to transfer those products into domestic sales."
Chen said there's likely to be exchange rate fluctuations, increasing protectionism, higher costs of raw materials and labor as well as a shortage of domestic labor.
"The ratio of trade surplus in GDP might further decrease this year. It will be improved, but there is a possibility that China will register trade deficits in some months " Chen said.
Chen added that imports will expand rapidly this year as the country steps up efforts to restructure the economy, push forward its free trade agreements and improve import regulations. Despite increasing uncertainties and difficulties, Chen said the outlook for China's foreign trade remains good this year.
