Economy

China expects 8% export growth in 2010, minister

(Xinhua)
Updated: 2010-02-22 23:09

BEIJING: China's exports may grow by 8 percent in 2010 but problems still existed with getting exports back to pre-crisis levels, according to a statement posted Monday on the website of Ministry of Industry and Information Technology (MIIT), quoting minister Li Yizhong.

It was unlikely for China's exports to recover to pre-crisis levels in the short-term, Li said during a Sunday meeting attended by MIIT officials, attributing the slow rebound to rising international protectionism and the fact that Chinese manufacturers relied too much on overseas markets.

The 8-percent growth forecast was still far below 2008's 17.2-percent increase, according to customs data.

Despite overtaking Germany as the world's largest exporter, China saw its exports contract 16 percent year-on-year in 2009 as overseas demand slumped.

Exports in January this year grew 21 percent on lower comparison bases a year ago due to the global economic downturn and less working days as the Lunar New Year holiday fell in January last year, said the General Administration of Customs earlier this month.

Li also stressed that China should keep the yuan stable in a speech addressing the current domestic economic situation during the meeting, as international pressure on China to strengthen the yuan was intensified.