Export target within reach

PUBLISHED : Wednesday, 03 June, 1998, 12:00am
UPDATED : Wednesday, 03 June, 1998, 12:00am
 

Exports will grow 10 per cent for the full year despite the grim situation facing the country's foreign economy and trade, according to a senior trade official.


The Ministry of Foreign Trade & Economic Co-operation (Moftec) assistant minister An Min yesterday would not give export figures for last month but said measures were being put in place to ensure this year's export growth target would be maintained. The target is already half of last year's level.


Mr An was speaking on the opening day of this year's China Investment Policy Seminar.


April's exports grew 7.9 per cent year on year to US$15.95 billion compared with 9.07 per cent in March.


In the first four months, exports grew 11.6 per cent to $56.19 billion, down from 12.8 per cent growth in the first quarter last year.


Efforts would be made to improve the environment to attract more foreign funds, Mr An said.


These include adjusting the framework for utilising foreign investment with the mainland's industrial policy.


Foreign investors would also be urged to invest in high and new technology industries, basic industries and infrastructure projects, to start export projects and take part in industrialised agricultural operations and to make greater investment in the central and western regions.


'I think that while the Asian financial crisis may have affected China's foreign trade, it may also provide new opportunities for China to attract foreign investment,' Mr An said.


'Things have shown that the effect of the crisis on China is relatively small and the macro-economy has remained stable. Seeing that China has a comparatively superior investment environment, some European and American multinational corporations have transferred their investments to China.'

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Export target within reach

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