The importance of the US as a Chinese export market is declining – Ministry of Commerce of China

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In this article, the Deputy Minister of Commerce of the People’s Republic of China, Wang Shouven, made a statement that the United States is decreasing in importance as an export market for China, despite the fact that it remains an important export market for China.

Wang Shawawn notes that 20 years ago in 1999, US exports accounted for 22% of China’s total exports. Now this figure, according to him, is 16%. The weakening of the role of the United States as an export market is explained by Van Shouven by the growing share of emerging export markets, such as One Belt and One Road. It is also noted that the increase in US customs tariffs can be controlled for China, despite the fact that they will have a certain impact on foreign trade.

In China, there are about 400 thousand export companies, with half of the volume of exports accounted for by private enterprises, and high-tech exports play a significant role.

Wang Shouwen also added that despite the fact that China’s foreign trade experienced turmoil during the Asian financial crisis of 1997 and the global financial crisis of 2008, China’s foreign trade has enormous growth potential.

Source: http://russian.people.com.cn/n3/2019/0602/c31518-9583755.html

Translated by V.Domnich

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