New Chinese policies may create opportunities
A joint research report by the Ministry of Commerce (MOC) and the Academy of Social Sciences (CASS) was released recently at the 107th China Import and Export Fair, in Guangzhou.
The report predicted that China’s foreign trade volume will hit $5.3 trillion (U.S.) by 2020.
As part of the number, merchandise exports would rise to $2.4 trillion, about 10 percent of the world’s total, and imports would rise to about $1.9 trillion, or about 8 percent of the world’s total. As part of the report, a number of other assumptions were listed:
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China will more than double its foreign trade volume.
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China needs to improve the quality of its exports.
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China needs to reduce import tariffs.
The financial crisis revealed weaknesses in China’s economy which indicate a need to have more balance, meaning less reliance on low-margin, low-skill manufacturing and industries that will have negative long-term environmental effects on the country.
Read more in the latest issue of BizTimes Milwaukee.
