China to balance imports and exports market in 2011

China to balance imports and exports market in 2011Commerce Minister Chen Deming said the China will try to import more in 2011 and keep exports at a steady pace. This is a sign that China the world second largest economy is pulling more weight as a big consumer.

Chen wants China to balance better its trade accounts and to step up purchases of high tech goods and commodities like grains and cotton next year. they will also improve their policies, and simplify regulations that will support expansions in imports and promote trade balance.the pressure on the euro zone to resolve its debt crisis poses a serious risk on the recovery in the world economy, and lead to an extremely complicated trade outlook for China.

China urges European officials to take urgent actions in resolving the debt problems in their annual trade talks with European Union. China also plans to study ways to diversify the use of US$ 2.65 trillion foreign exchange reserves. China will be using its foreign exchange reserves to support overseas ventures done by its domestic firms. Chen said developed countries should remove restrictions on exports of high tech products, since China sees as a major reasons behind the country’s trade surplus.

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