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China to expand import trade

0 Comment(s)Print E-mail CNTV, November 6, 2011
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G20 leaders have agreed to secure sustainable growth through coordinated efforts at the conclusion of the two day summit. Chinese president Hu Jintao addressed the importance to strike a balance between the stabilization of commodity prices and the promotion of international cooperation. And experts say relevant countries should relax their control on high-end new-tech exports to China.

Despite little substantial agreement, leaders of the world's major economies demonstrated unprecedented solidarity and resolve to boost market confidence.

President Hu Jintao urged the international community to recognize the causes of the current imbalances in the global economy.

In the first three quarters of 2011, China's GDP grew 9.4 per cent and retail sales expanded 17.7 percent from a year earlier. Meanwhile, China's imports reached nearly 1.29 trillion US dollars, up 26.7 per cent.

This shows how China had already introduced positive measures to stimulate domestic demand. China follows an open trade policy, emphasizing both export and import, while avoiding trade surplus.

This has led to China's import and export moving towards a greater balance. China's trade surplus in 2009 went down by 100 billion US dollars compared with the previous year. It went further down by 12.6 billion US dollars in 2010.

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