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US subprime crisis casts a shadow on China's exports
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According to China Customs, although the country is witnessing a constantly increasing trade surplus since August of this year, its exports to the US are growing at a slower rate. In October, China's export volume to the US stood at US$21 billion, far lower than the US$ 21.39 billion in September. The year-on-year export growth is also suffering a significant slowdown. From January to August, China's exports to the US increased by 16.7 percent as against the same period last year, while in September the figure was down to 15.8 percent and in October, it was further down to 15.5 percent.

Some specialists have pointed out that the subprime mortgage crisis in US could badly affect China's foreign trade and the adverse impact is now being observed in China's exports to the US.

The Policy Research Department of the Ministry of Commerce recently published a report, warning that China was at great risk of export decline. Chinese enterprises will receive smaller amounts of orders if they are primarily oriented toward the US market.

Wang Jian, secretary general of the China Society of Macroeconomics, said that China's stock market, real estate market and financial systems would not be severely affected by the crisis since China hasn't opened its capital market. Furthermore, the RMB has not been internationalized and the Chinese do not hold large amounts of US house mortgage loan securities. However, he said that the subprime crisis would still cast a shadow on the Chinese economy because the country's economic growth was largely dependant on foreign trade demands. In 2007 the US was the second largest contributor to China's trade surplus.

For more details, please read the full story in Chinese. (

( November 19, 2007)

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