RSSNewsletterSiteMapFeedback

Home · Weather · Forum · Learning Chinese · Jobs · Shopping
Search This Site
China | International | Business | Government | Environment | Olympics/Sports | Travel/Living in China | Culture/Entertainment | Books & Magazines | Health
Home / Business / Business Highlights Tools: Save | Print | E-mail | Most Read | Comment
US subprime crisis casts a shadow on China's exports
Adjust font size:

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. (http://jjckb.xinhuanet.com/gnyw/2007-11/19/content_74408.htm)

(China.org.cn November 19, 2007)

Tools: Save | Print | E-mail | Most Read

Comment
Username   Password   Anonymous
 
China Archives
Related >>
- Subprime loss hits BOC profit
- Subprime Doesn't Damp IPO Demand
- Deutsche Bank: Subprime Crisis Has Limited Impact on China
- Forex Reserves Not Invested in US Subprime Securities
Most Viewed >>
-China set to hit the brakes on rising yuan
-Power to resume shortly in worst-hit area by snow
-Macao's gaming market expands further
-Online operators are on top of the game
-Insurance firms set to stump up billions

May 15-17, Shanghai Women's Forum Asia
Dec. 12-13 Beijing China-US Strategic Economic Dialogue
Nov. 27-28 Beijing China-EU Summit

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?
SiteMap | About Us | RSS | Newsletter | Feedback

Copyright © China.org.cn. All Rights Reserved E-mail: webmaster@china.org.cn Tel: 86-10-88828000 京ICP证 040089号