China expects big fall in trade surplus
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China's trade surplus would likely fall noticeably this year as exports outlook would not be optimistic while imports would remain robust, Ministry of Commerce spokesman Yao Jian said at a briefing Saturday.
Exports growth would slow after July, Yao forecast, adding the surge in exports in May was due to a low comparison basis last year. China's exports in May surged 48.5 percent year on year, customs data released Thursday.
China's trade surplus in the first five months fell 59.9 percent to 35.39 billion U.S. dollars. The figure in 2009 topped 196.07 billion U.S. dollars, down 34.2 percent year on year.
Yao attributed the weak export outlook to the European sovereign debt crisis, rising commodity prices and labor costs.
"In the following months, the fallout from the debt crisis in Europe would gradually become apparent, and China would closely watch changes in its important exports markets including Germany, Spain and Italy," Yao said.
China would maintain stable trade policies amid the crisis, and might adjust some policies in some specific industries for environmental protection purposes.
"Stable trade policies are a top priority when the external outlook is not clear," he said.
Yao also told reporters that attempts by some U.S. lawmakers to include China's exchange rate policy into trade investigations on China's exports of aluminum extrusions and coated paper lacked factual support and did not conform to rules of the World Trade Organization.
The WTO regulated trade policies instead of a country's overall financial or foreign exchange policies, he said.
