China's experts see drop in exports
An overwhelming majority of Chinese domestic experts and market practitioners expect country's exports to drop this year due to US subprime mortage crisis, a survey has said.
By PTI |
BEIJING: An overwhelming majority of Chinese domestic experts and market practitioners expect country's exports to drop this year due to US subprime mortage crisis, a survey has said.
Nearly 90 per cent of the experts, in a survey of economists opinion on Chinas macro-economy conducted by newspaper First Finance Daily, felt that the communist giant would witness a drop in exports.
The survey said 70 per cent of the respondents forecast a slight fall in exports, while 16.7 per cent expected a sharp drop, with only 13.1 per cent saying the exports would continue its sizzling growth.
Majority of them believed the abolition of export tax rebates, appreciation of the Renminbi, Chinese currency, rise in labour cost and sluggish consumption in the US would exert negative impact on the country's economy.
The survey covered 60 famous economists from the government research institutes, universities and financial institutions and 23 fund managers in the market, official Xinha news agency said.
China's trade surplus hit an all time high of $262.2 billion in 2007 with exports climbing 25.7 per cent to $1.22 trillion and imports by 20.8 per cent to $ 955.8 billion.
But 80 per cent of experts felt that China's trade surplus would stand at $ 200 billion, adding this was not contradictory with the fall in exports.
That is because processing trade, which accounts for a large proportion of China's foreign trade, will also see a decline in imports, they added.
Nearly 90 per cent of the experts, in a survey of economists opinion on Chinas macro-economy conducted by newspaper First Finance Daily, felt that the communist giant would witness a drop in exports.
The survey said 70 per cent of the respondents forecast a slight fall in exports, while 16.7 per cent expected a sharp drop, with only 13.1 per cent saying the exports would continue its sizzling growth.
Majority of them believed the abolition of export tax rebates, appreciation of the Renminbi, Chinese currency, rise in labour cost and sluggish consumption in the US would exert negative impact on the country's economy.
The survey covered 60 famous economists from the government research institutes, universities and financial institutions and 23 fund managers in the market, official Xinha news agency said.
China's trade surplus hit an all time high of $262.2 billion in 2007 with exports climbing 25.7 per cent to $1.22 trillion and imports by 20.8 per cent to $ 955.8 billion.
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But 80 per cent of experts felt that China's trade surplus would stand at $ 200 billion, adding this was not contradictory with the fall in exports.
That is because processing trade, which accounts for a large proportion of China's foreign trade, will also see a decline in imports, they added.
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