China sees slowdown in foreign trade
Samuel Shen Bloomberg Monday, May 24, 2004
SHANGHAI China's foreign trade is expected to grow at a slower pace this year as higher raw material prices curb exports and a government clampdown on investment slows imports, the Commerce Ministry said.
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The total value of China's foreign trade, which includes both imports and exports, may grow 17 percent to $1 trillion, the ministry said in a report on its Web site over the weekend.
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Foreign trade gained 37 percent last year, and jumped 38 percent in this year's first quarter.
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Imports, which surged 42 percent in the first quarter on the back of an investment boom, may grow 20 percent this year to $495 billion, after the government takes a series of monetary and political measures to slow down investment in fixed assets such as buildings and factories, the ministry said.
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Exports, which grew 34 percent in the first quarter, may grow at a slower pace of 15 percent this year to $505 billion, because investment-triggered price hikes in raw materials and energy have made exports more expensive, the report said.
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