 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
| . |  |
. |
Beijing (AFP) March 21, 2010 China warned Sunday its export-dependent economy is likely to experience a trade deficit in March -- the first for a single month in six years. The announcement followed predictions by analysts of a slump in shipments by the world's biggest exporter compared with February, when factories cranked up production for April's Easter holiday. Commerce minister Chen Deming's remarks to the closed-door China Development Forum in Beijing were published by the state Xinhua news agency and People's Daily newspaper amid growing international pressure for the yuan to appreciate. Chen defended the nation's exchange rate policy, arguing that a stronger yuan by itself could not resolve global trade imbalances. Beijing says the policy is necessary for the survival of Chinese manufacturers and supporting jobs growth but critics say the government has kept the currency low to boost exports, resulting in massive trade surpluses with the United States and Europe. A slowdown in shipments could be a sign that the recovery in crisis-hit markets is not yet on a firm footing, which could be a drag on China's export-dependent economy. China last recorded a trade deficit for a single month in May 2004, official data shows. China's exports soared 45.7 percent in February, their fastest pace in three years, continuing a rebound that started in December when exports grew 17.7 percent and snapped a 13-month falling streak. The nation's trade surplus reached 7.61 billion dollars in February, up 57.2 percent year-on-year, while imports of coal, luxury handbags, high-tech goods and other products rose 44.7 percent year-on-year to 86.9 billion dollars. The turnaround in exports has intensified pressure on Beijing to let the yuan -- effectively pegged to the US dollar since mid-2008 -- appreciate. But China has tried to play down expectations for a strong pick-up in exports this year, with Chen saying early this month that it could take up to three years to return to pre-financial crisis levels.
Share This Article With Planet Earth
Related Links Global Trade News
Rio Tinto signs huge China deal as staff await trialSydney (AFP) March 19, 2010 Mining giant Rio Tinto announced a huge iron ore deal with China's state-run Chinalco Friday, days before four if its staff go on trial in a case that has threatened diplomatic and trade ties. Rio said Chinalco signed a non-binding, 1.35 billion US dollar deal to help develop a massive mine in Guinea, drawing a line under a period of turbulent relations with its biggest shareholder. "We ... read more |
|
|
| The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement |
del.icio.us
Digg
Reddit
YahooMyWeb
Google
Facebook