labels: economy - general
China set to replace US as world''s No 2 exporter news
18 August 2007

Mumbai: China is all set to overtake the United States as the world's second-largest exporter this year, and may well top Germany as the world's leading exporter next year, Xinhua news agency quoted vice minister of commerce Yu Guangzhou as saying.

China currently ranks third in export volume after Germany and the United States.

Beijing could overtake the US by the year-end if current trade trends continue, Guangzhou told the China Economic Development Forum.

Last year, China's export volume trailed US exports by less than $70 billion, while the pace of export growth was 7 percentage points faster than that of the US. If that growth continues, China's exports could exceed US exports by $50 billion this year, Yu said.

Chinese customs statistics show that the country's foreign trade volume reached $980.9 billion in January-June, up 23.3 per cent from the same period a year ago. Of this, exports grew 27.6 per cent to $546.7 billion, and imports grew 18.2 per cent to $434.2 billion.

Meanwhile, China's quality watchdog has warned that the country's failure to improve the quality of some of its exported goods was undermining its trade strength.
"We may have entered the ranks of the big traders, but we're still far, far from being a strong trade power, and the fundamental reason is that our product quality competitiveness is not strong," the People's Daily quoted Li Changjiang, head of the General Administration for Quality Supervision and Quarantine, as saying.

Concern over potentially tainted products made in China has resulted in recalls or bans on such goods - from Chinese toothpaste to toys and pet food. (See: Recall of Chinese toys has lead to factory closures: China Toy Association)

His comments were reported a day after China said it would send officials to the United States this month and next to cool worries stemming from a series of scandals over tainted exports, from toothpaste to pet food and toys containing lead paint.

"Quality is a symbol of national strength," Li said. He also called for tougher regulation of manufacturers and exporters.


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China set to replace US as world''s No 2 exporter