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Economic policies, yuan rate to remain stable

(Xinhua)
Updated: 2009-11-02 09:14

China is to maintain basic stability and continuity in the economic policies and yuan exchange rate to ensure a foreseeable prospect for its businesses.

Minister of Commerce Chen Deming made the remarks Sunday at the Canton Fair, an important barometer of China's foreign trade, in Guangzhou, capital of southern Guangdong province.

In the following months, China would maintain stability of the macro-economic policies, stick to the proactive fiscal policy and moderately easy monetary policy, Chen said.

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Meanwhile, the yuan exchange rate should also maintain relatively stable so that domestic manufacturers and exporters can better predict and adjust to the market, Chen added.

Chen said the number of participants to the fair and the trade volume showed China's foreign trade was recovering, but uncertainties remained.

Chen urged Chinese enterprises to enhance their competitiveness with better quality and lower cost by technological upgrading and restructuring. "Next year, our focus will be on the quality of export products," he said.

"Enhancing competitiveness with better product quality and brand-building is also an effective way of avoiding trade protectionism," Chen added.

In the previous three quarters this year, 19 countries and regions have launched 88 trade remedy investigations against Chinese goods, totaling $10.2 billion.

"In addition to the recovering export, China's import is also on the rise, contributing significantly to the recovery of the world economy," Chen said.