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CHINA’S reliance on trade may decrease further as the country turns toward domestic consumption to drive the economy, the top customs authority said yesterday.
The total value of imports and exports accounted for 47 percent of China’s gross domestic product in 2012, a sharp fall from a record 67 percent in 2006 and 50 percent in 2011, the General Administration of Customs said in a statement on its website.
But China’s reliance on trade is still relatively high compared with the United States, Japan and Brazil, whose trade contributes to around 30 percent of their economies, according to Customs.
As China accelerates economic reforms and boosts domestic consumption, its dependence on foreign trade will shrink further, Customs added.
”Reduced reliance on trade reveals that the driver of China’s growth is shifting from foreign to domestic demand,” the statement said.
A China Merchants Securities report said China’s exports may be low amid a moderate external economic improvement this year, while imports may slightly rise.
Shanghai Daily
