| MOFCOM: China to maintain economic policies and RMB exchange rate |
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| Monday,November 02,2009 Posted: 14:10 BJT(0610 GMT) |
| From:BJT Article type:Reproduced |
China will maintain basic stability and continuity in its economic policies and the RMB exchange rate to ensure good prospects for its businesses. Commerce Minister Chen Deming gave the assurance on Sunday.
Commerce Minister Chen Deming says consistent policy is needed as external demand is still full of uncertainties. He made the remarks on Sunday at the Canton Fair, an important barometer of China's foreign trade, in Guangzhou, capital of South China's Guangdong Province.
Chen Deming, Chinese Commerce Minister said "In the following months, China will maintain stable macro-economic policies, stick to its proactive fiscal policy and moderately easy monetary policy. Meanwhile, the RMB exchange rate should also stay relatively stable so that domestic manufacturers and exporters can better predict and adjust to the market."
Chen noted that while more businesses attended this year's autumn session of the Canton Fair than in 2008, transaction volumes had fallen 3.6 percent on last year.
On the whole, though, he said China's foreign trade is beginning to recover, offering significant support to the global economy.
Chen Deming said "The fall in China's imports and exports is narrowing month by month. But due to the severe financial crisis, the growth of China's foreign trade will still be in negative territory by the year end. But the figure will still be better than the world's total, which is expected to be between negative 20 percent to negative 15 percent. That means China's share of world trade will rise slightly."
Chen also urged Chinese enterprises to enhance their competitiveness with better quality and lower costs by technological upgrading and restructuring.
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