U.S. decreasing in importance as Chinese export market: MOC
The United States remains an important export market for China, but with decreasing significance, according to China’s vice commerce minister.
The U.S. tariff hike will have some impact on China’s foreign trade, but is generally controllable, Wang Shouwen said in an interview Friday, citing the waning role of the United States as an export market and the rising share of emerging export markets including the Belt and Road region and emerging markets.
“The U.S. market accounted for about 22 percent of China’s total exports in 1999, but the share shrinks to about 16 percent now,” he said.
China has about 400,000 export firms, with private enterprises taking up half of the total export and high-tech exports playing bigger roles, according to Wang.
“China’s foreign trade has weathered storms during the Asian financial crisis in 1997 and the global financial crisis in 2008. History proves that China’s foreign trade has huge growth potential, and we are confident in seeking progress while keeping the market stable and achieving high-quality development,” Wang said.
The impact of China-U.S. trade frictions on foreign investment to the country is also controllable, he said.