China exports to grow 6% in '10 as global economy recovers - SIC

22 December 2009 09:57  [Source: ICIS news]

SHANGHAI (ICIS news)--China’s exports will grow by around 6% in 2010, in line with a modest recovery in the global economy, based on a report by the State Information Center (SIC) released on Tuesday.

Strong domestic consumption would push up imports by 11% next year, based on the government think-tank's report that was posted in the website of China Securities Journal, a news daily.

Foreign trade would rise 8.2% to $2,315bn (€1,620bn) in 2010, according to the report.

Growing protectionism and rising pressure for the appreciation of the Chinese yuan, however, could hinder the recovery of the country's foreign trade, the SIC said.

The country's petrochemical exports were also expected to grow next year on the back of "post-crisis restocking of importing countries", said Fang Jun, an analyst at Shanghai-based brokerage firm Essence Securities said.

Social fixed-asset investment would grow around 25% in 2010 due to the government’s massive stimulus package while retail sales of social consumption goods would grow 18.5%, the SIC said.

In a separate report also published by SIC on Tuesday, it was projected that international crude oil prices would climb gradually next year as the global economy recovers and amid weakness in the US dollar.

The average oil price of WTI crude futures was expected to be around $75/bbl next year, the report said.

($1 = €0.70)

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By: Judith Wang
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