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China Daily Website

China faces challenges in reaching trade target

Updated: 2013-11-05 07:11
By Li Jiabao ( China Daily)

But experts and officials feel confident that goal of 8 percent annual growth will be achieved

China faces challenges in reaching trade target

Dockworkers load goods onto a ship at the port of Lianyungang, Jiangsu province. Provided to China Daily

China's foreign trade may manage to reach the 8 percent growth target in 2013 despite an unexpected decrease in exports in September, experts said.

In the January-September period, China's overall trade rose 7.7 percent from a year earlier to $3.06 trillion, compared with an 8.6 percent growth in the first half of this year. Exports in the first nine months went up 8 percent, while imports rose 7.3 percent, said the General Administration of Customs.

Meanwhile, mounting pressure is envisioned in the fourth quarter of this year to burden businesses in the world's largest exporter, while more reforms are being urged to reduce trade costs and optimize structures, which are of great significance in the long term.

"China is likely to secure 8 percent trade growth this year because demand from developed economies significantly improved from last year, which is a very important change," said Song Hong, an economist at the Institute of World Economics and Politics of the Chinese Academy of Social Sciences.

Song added that the coming months will see steady growth in China's foreign trade because the last quarter usually sees an increase in China's exports during Western holidays such as Christmas, while foreign trade enterprises are apt to rush shipments before the year ends. Meanwhile, the country's imports will keep outpacing exports in the coming months owing to improving domestic demand.

Zhang Xiaoji, director-general of the foreign economic relations department at the Development Research Center of the State Council, echoed the view that China's foreign trade will grow around 8 percent in 2013, about the same rate as last year.

Earlier this year, the new leadership outlined an 8 percent trade growth target for 2013 after 6.2 percent growth in 2012 trailed a 10 percent target.

China's exports and imports tumbled in the May-June period as the regulatory authorities in late April targeted hot money inflows disguised as trade invoices and inflated trade data in the previous months. The central government in July introduced trade facilitation measures, including simplifying clearance through customs, cutting administrative fees and increasing financial aid, which boosted the weak trade in the following months.

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