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Chinese Commerce Minister Sees June Economy ’Turning for Better’

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June 19 (Bloomberg) -- China Commerce Minister Chen Deming spoke to reporters during the G-20 Leaders’ meeting in Los Cabos, Mexico.

On Trade Protectionism

“Trade protectionism can’t save the current situation and can’t save each nation’s wish to expedite an economic recovery.”

On Domestic Consumption

“We also have to start up our own consumption so that domestic markets can help offset some impacts from global trade. The downward economic trend in April and May this year was pretty obvious. The central government took some pre-emptive measures to boost consumption. I personally think that the June situation is turning for the better.”

On European debt crisis

The effect on China from the European debt crisis is “relatively large.”

“Developed nations such as the U.S. and Japan may divert a portion of their investment from China to Europe. Chinese enterprises are also looking at investment opportunities in Europe. The crisis has given some opportunities to Chinese companies to go abroad.”

“If no big incidents happen, China can offset a few percentage points of impact from Europe through trade with emerging nations and domestic consumption.”

On China Trade Data

“For the whole first half of this year, I estimate trade growth may be a bit less than 10%.”

“If the EU crisis can be kept within a certain level in second half of the year, I believe fulfilling an around 10% target for trade growth for the full year is still possible.”

“This year’s foreign direct investment may be able to stay at basically the same level as last year but it will be of higher quality and to better projects.”

On Huawei and ZTE

“Huawei and ZTE have made deserved contributions to China and global telecommunications. They are companies that operate based on WTO rules.”

“Government subsidies to high-tech industries are present to a certain extent globally. WTO didn’t forbid all forms of subsidies.”

“Some developed nations have given serious subsidies to their high-tech industries during their development stage.”

“We have conducted research on subsidies to industries such as electronic communications, automotive, green energy and agriculture.”

“We didn’t initiate trade measures as these issues are being discussed in Doha and some developed nations have said they will largely reduce these subsidies. Also, we need high levels of technology to pull the world out of the economic crisis, therefore we didn’t speak up about initiating measures.”

“Not initiating measures doesn’t mean we don’t understand the situation.”

To contact the reporter on this story: Regina Tan in Los Cabos at rtan87@bloomberg.net

To contact the editor responsible for this story: Gregory Turk at gturk2@bloomberg.net

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