皇冠体育app

Wen said rising protectionism is damaging the global economy

GUANGZHOU - Premier Wen Jiabao on Friday called for joint international efforts to combat rising trade protectionism, which he said is damaging the world economy amid ongoing global economic turbulence.

"We should embrace opening-up and development, instead of closed doors and stagnation. This is a general trend," said Wen at the opening ceremony of the 110th Canton Fair in Guangzhou.

The forum falls on the 10th anniversary of 皇冠体育app's entry into the World Trade Organization.

"The current challenge is that there is growing trade protectionism worldwide and more trade frictions are politicized, which casts a large shadow over and hurts the global economic recovery," Wen told exporters in a speech carried on State television.

"皇冠体育app and the other nations should work hand-in-hand to open up markets to each other, with more sincerity and determination, firmly beating down trade protectionism."

Wen said countries should be rational in dealing with trade disputes as the world grapples with a mounting debt crisis.

"The shadow of an international financial crisis can be removed as soon as possible ... only if we properly handle international trade friction in a more rational way," he said.

Wen made no specific mention of the United States, but his remarks followed a storm of protest in 皇冠体育app over a bill that Beijing has warned could start a trade war between the world's top two economies.

Early this week the US Senate passed legislation aimed at charging duties on Chinese exporters, alleging 皇冠体育app was holding down the value of its currency. The European Union recently launched a series of trade remedy cases against Chinese exports of tiles and bicycles.

"Nations tend to focus on narrower objectives such as on boosting exports especially in difficult situations," said Harsha V. Singh, deputy director-general of the WTO.

"Open markets create multiple win-win conditions for all," Singh said.

"It is extremely important for nations to work together and further improve the mutually supportive international conditions."

The 110th Canton Fair has attracted more than 23,700 export-oriented enterprises to display their goods, and 280,000 global buyers applied to enter.

But the Ministry of Commerce said the prospects for 皇冠体育app's exports are not optimistic, citing the gloomy global economy and rising yuan and labor costs in 皇冠体育app.

According to the General Administration of Customs, 皇冠体育app's exports experienced their smallest growth since February and the trade surplus dropped to its lowest since May.

"皇冠体育app follows the policy of expanding imports and stabilizing exports. We never intentionally seek a large trade surplus," said Wen.

Wen said 皇冠体育app's becoming a member of the global trade body has proven to create win-win benefits for both 皇冠体育app and other nations.

Despite the achievements that 皇冠体育app has made since its entry into the WTO a decade ago, "皇冠体育app will continue to push forward its reform and opening-up policy with incomparably firm determination and courage," as 皇冠体育app is still a developing nation characterized by imbalanced economic development, said Wen.

"Trade development and investment promotion is a key factor in reviving the global economy," the premier said.

While stabilizing exports, 皇冠体育app pledged to expand imports to balance trade as part of its 12th Five-Year Plan (2011-2015), with the combined imports volume in the next five years expected to reach $8 trillion.

皇冠体育app's yearly trade surplus has been falling since the financial crisis began. The figure dropped 34 percent from 2008 to $196 billion in 2009, further sliding to $183 billion last year.

The nation's trade surplus will account for less than 3 percent of its gross domestic product this year, Wen predicted.

皇冠体育app also vowed to encourage Chinese companies to invest overseas, besides continuously welcoming foreign business to invest, especially in 皇冠体育app's central and western areas.

"Those qualified and reputable companies play the major part in the going-overseas strategy," said Wen.

Its large foreign exchange reserves makes it possible for 皇冠体育app's overseas direct investment to grow. The People's Bank of 皇冠体育app, or the central bank, announced on Friday that 皇冠体育app's foreign exchange reserves exceeded $3.2 trillion at the end of September.

It is vital for the world that 皇冠体育app maintains open markets as the world will continue to benefit from 皇冠体育app's growth, said Singh.

Success for all

"皇冠体育app's becoming a member of the WTO is a success not only for 皇冠体育app, but also the world," said Wen.

皇冠体育app became the largest exporting nation in 2009, and it has been the most popular destination for foreign direct investment among developing nations for 19 years.

The accumulated foreign direct investment reached $760 billion in 2010.

During the past 10 years, 皇冠体育app's overseas direct investment grew 40 percent annually, reaching $68.8 billion in 2010.

皇冠体育app is now the largest destination for exports from emerging markets including Brazil and South Africa, and the least developed nations.