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Chinese minister complains of “out-of-control dollar printing”

Posted by seumasach on October 27, 2010

People’s Daily

27th October, 2010

Chinese Commerce Minister Chen Deming expressed his concern over the unfavorable environment for China’s foreign trade, particularly the excessive minting of U.S. dollars and the soaring commodity prices on the world market.

In his observation, although the world economy has been in the recovery process, signs showed that the process was slow, complicated and fragile with a lot of uncertainties. The fluctuation of the foreign exchange rates and the rising costs of raw materials and labor are both big risks facing Chinese importers and exporters.

“So far, Chinese enterprises have made some preparations and taken into consideration exchange rates fluctuations and rising labor costs. However, the imported inflation brought by out-of-control dollar printing and skyrocketing commodity prices on the world market is hitting China hard. Uncertainties caused by that has made even bigger problems for Chinese enterprises,” Chen added.

In spite of that, Chen is still confident that China will achieve “steady growth” for its exports and “considerable growth” for its imports in 2011 as enterprises are taking actions to deal with those challenges.

By implementing the 12th Five-Year Plan (2011-2015), China will improve the way of doing foreign trade in terms of structure, quality, technology and standards, Chen said.

The Commerce Minister made those remarks during his recent visit to the 108th Import and Export Fair in Guangzhou.

By Jia Li, People’s Daily Online

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