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PrintThe pace of decline in China's export shipments is expected to ease later this year while the country's stable yuan policy will help the global economy recover from recession, Commerce Minister Chen Deming said in Singapore on Wednesday.
"Overall, China's economy is stabilizing and improving," Chen said. "As for exports in the second half, we'll have to look at the global economic situation. If the global economy stabilizes, the pace of export decline shall ease."
Trade officials at the gathering discussed ways to revive global trade and pledged measures to fight protectionism.
WTO chief economist Patrick Low said China is to overtake Germany as the biggest merchandise exporter this year due to a weak performance of the European economy.
"China will play a very important role in Asia's recovery," Low said.
China's merchandise exports of US$1.43 trillion in 2008 slightly lagged Germany's exports of US$1.47 trillion, the WTO said in its latest World Trade Report.
Any sustained recovery in China's exports would relieve some pressure on the government, which has launched a 4-trillion-yuan stimulus package while boosting bank credit.
Chen said he was confident that China would be able to maintain its share of global trade, which the World Trade Organization expects to fall 10 percent in 2009.
"The Renminbi has stabilized and its stability will have a positive impact on the global economic recovery," he said when asked whether China might resort to weakening the currency to help spur exports.
China allowed the yuan to appreciate steadily against the dollar after its landmark currency revaluation reform in mid 2005, but the rise came to a halt in September 2008 as the global crisis struck.
Beijing has resisted calls by some local exporters to lower the yuan's value to spur exports for fear of sparking competitive currency devaluations around the globe.
The yuan was hovering near 6.83 per dollar Wednesday.
China's June exports fell 21.4 percent from a year earlier compared with May's slide of 26.4 percent, while June imports were 13.2 percent lower, rebounding from a 25.2-percent fall in May as domestic investment and consumption firmed.
The world's third-largest economy grew a faster-than-expected 7.9 percent in the second quarter from a year earlier, accelerating from 6.1 percent in the first quarter and raising expectations of hitting the full-year target of 8 percent. –People’s Daily Online
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