| Brighter days in China-US trade seen on horizon |
| Monday,April 20,2009 Posted: 10:32 BJT(0232 GMT) Canton Fair News |
Despite current global financial turmoil, the future development of China-US economic ties remains encouraging, said a high-ranking official of the Ministry of Commerce. Wang Hongbo, vice-director of the Department of American and Oceanian Affairs of the Ministry of Commerce, made the remarks at a symposium on challenges facing the US economy and its markets. Jointly sponsored by China Foreign Trade Center and Hong Kong Economic Times, the meeting was held on April 16 as part of the 105th China Import and Export Fair. Wang illustrated the severe effect from the fi nancial crisis on the US economy and bilateral trade with specific economic figures, pointing out that no one can remain undamaged by the financial crisis due to the increasingly close ties resulting from globalization. Yet China is capable of weathering the storm, she stressed. The two countries are major trade partners and export destinations for each other. The China-US strategic economic dialog launched at the end of 2006 has brought new opportunities for bilateral trade, Wang said. "The two sides will see a bright future in economic and trade cooperation." Pu Lebo, vice-chief of the Chinese operation of the US-China Business Council, analyzed the trade policies of the Obama administration and summarized the factors crucial to American companies. US companies attach importance to "food safety, product quality, labor issues, sustained development and producers' good will" when making purchases, Pu said. Proven credentials are also valued, Pu added. A survey by the council found that some US importers have opinions about Chinese producers that give them a blueprint for product improvement and export expansion, Pu said. Pu made clear objects to trade protectionism, noting "business communities and consumer groups of both countries will benefit from an open international market". "The toughest time has passed," said Shi Jingquan, vice-chief of Hong Kong Economic Times who has rich experience in trade and manufacturing. “But the cause of the financial tsunami and rescue efforts still need to be analyzed," Shi said. Chinese companies should make industrial upgrades to combat the crisis, Shi noted. With a slower drop in export and climbing overseas orders, the major economic indicators of the first quarter of this year have improved, he said. Yet it does not eliminate the possibility that the economy might once again bottom out in the next quarter, Shi warned. The financial storm will end the consumption model prevailing in Europe and the US and accelerate the shift in China's economy driven by exports and investment to consumption, he asserted. Echoing opinions of an analyst with Morgan Stanley, Shi said: "Chinese consumers are likely to replace their US peers to become a driving engine for sustained growth in the global economy in 2014." |
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