China trade surplus falls 2.6% in first 3 quarters

(Xinhua)
Updated: 2008-10-13 21:42

Exports were expected to contribute less to the country's economic growth, he added.

Cai Zhizhou, deputy director of China Center for National Accounting and Economic Growth, Peking University, echoed this view. "The country's future exports are still far from predictable, as US import demands would be much weaker as the sub-prime mortgage crisis worsened."

However, he was more optimistic. "It may not be a bad thing to see exports moderately decelerating as the country is working to achieve a shift from its heavy reliance on exports."

He said there could still be chances for Chinese exporters due to the unfolding financial crisis across the world. "The current crisis could largely increase global demand for Chinese products which are mainly at medium and low end."

Li agreed demand for Chinese products was quite stable.

China's exports to the United States rose 11.2 percent to US$189.1 billion in the first three quarters, an acceleration of 0.6 percentage points from the first eight months.

Exports to Japan increased 16 percent year on year, 2.2 percentage points higher than the January-August period.

Yet, Li also said the extent of the impact of the current financial crisis over the real economy and Chinese exporters remained uncertain.

Zhang said exporters expected the worst would be over in the second half of next year. However, he believed many of them would be driven out of business by then.

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