While mainland exporters face increased competition from Southeast Asian producers whose currencies have been devalued, the long-term effects on the mainland's booming export market are likely to be minimal, a senior foreign trade official says.
Speaking in Hong Kong yesterday after leading a 10-day high-level trade mission to South Africa, executive vice-minister of foreign trade and economic co-operation Shi Guangsheng also predicted a fourfold jump in bilateral trade to US$5 billion between the mainland and South Africa within the next three years.
Mr Shi said he was not very concerned about the effects of the on-going financial crisis sweeping much of Asia, despite a sharp depreciation in the currencies of many Southeast Asian countries.
A devalued currency makes exports from these countries more competitive on international markets.
'Mainland exporters will face some pressure from the currency devaluations but they will not pose a threat [to mainland exporters],' he said.
Mr Shi said the mainland's strong currency had not been much of a problem for exporters. He said China's exports had posted double-digit growth rates since the beginning of the year, climbing 23.2 per cent in the first 10 months and leading to a trade surplus of $35.59 billion.
He expected the mainland to maintain its strong export growth momentum next year.
