Mainland exports will not recover to their pre-global financial crisis level until 2011 despite signs of improving overseas demand, a senior Ministry of Commerce official says.
Yao Jian said yesterday the fragile recovery in the global economy, the repercussions of the crisis, protectionist measures and a weak US dollar all hindered the recuperation in mainland foreign trade.
'The export landscape does not look good in the foreseeable future,' Yao said. 'We need to create a stable environment for exporters.'
In mapping out the country's economic development path next year, state leaders said last week that the central government would step up efforts to spur domestic consumption to reduce reliance on exports, a core pillar of the nation's economic growth.
Yao said the four trillion yuan (HK$4.54 trillion) economic stimulus would spill over into next year, with its impact reflected in larger imports.
Last month, imports jumped more sharply than expected, rising 26.7 per cent year on year to US$94.56 billion, returning to positive territory for the first time in 13 months, on strong consumption of raw materials such as iron ore, paper, copper and plastic, he said.