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China's export powerhouse expects growth: state media
Beijing (AFP) July 21, 2009 China's key export province of Guangdong is expecting foreign sales to rise year-on-year in the fourth quarter as it recovers from the global downturn, state media said Tuesday. Guangdong's exports in the second quarter increased by 16.5 percent over the first three months of the year, bolstered by government stimulus measures including higher tax rebates and export credit insurance, Xinhua news agency said. Guangdong's top trade official Liang Yaowen predicted that exports from the province would see year-on-year growth in the fourth quarter, the report said. However, he said foreign sales in the third quarter would continue to fall year-on-year due to sluggish global demand, persisting trade protectionism and downside pressure on export prices, the report said. Despite the quarter-on-quarter improvement in the first half of this year, the period saw Guangdong's exports decline by 18.6 percent on-year to 153.4 billion dollars, while imports fell 23.7 percent to 104.5 billion dollars, it said. For the country as a whole, exports plunged for the eighth straight month in June down 21.4 percent from a year ago, narrowing from May's fall of 26.4 percent. The government has, among other measures, hiked export tax rebates seven times since 2008 to bail out the sector that has remained a mainstay of China's blistering economic growth. Share This Article With Planet Earth
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