China promises to 'buy even more' overseas

27th January 2011, Comments 0 comments

China promised Thursday to help lift global consumption, with Commerce Minister Chen Deming saying that the Asian giant plans to "buy even more from overseas."

"Our development needs to be shared, so in future we will be even more open. We will focus on Chinese companies investing overseas, buying even more from overseas," Chen told political and economic elites gathered at the annual World Economic Forum meeting in Davos.

"We want to help boost consumption overseas," he declared.

Major industrialised nations such as the United States have been urging China to help rebalance the global economy by boosting domestic consumption and cutting its reliance on exports.

On Thursday, Chen outlined China's plan to "focus even more on joint development" with the world in the next 10 years and noted that its internal market of 1.3 billion people was a massive opportunity for foreign firms.

Chen voiced hopes last week that US exports to China would more than double to $200 billion by 2015 as part of $500 billion in overall trade.

Nevertheless, latest US data showed that the US trade deficit with China in 2010 was likely to top the 2008 record of $268 billion, even though the overall US trade gap shrank in November.

© 2011 AFP

0 Comments To This Article