China should still be alert to US credit crisis impact
Updated: 2008-04-28 10:19
Chinese regulators announced curbs on the sale of non-tradable shares that come out of lock-up periods on April 20, another move to bolster the falling market.
However, market observers held that the credit crisis and the US economic slowdown are still casting gloom over Chinese investors' confidence.
Experts said the crisis was spreading beyond the financial sector. Consumption confidence in the United States is dampened as the credit crisis unfolded, with Chinese exports also hurt.
China's total exports rose 21 percent to US$206 billion, 6.4 percentage points lower than a year earlier. The exports to the US grew 5.4 percent to 53 billion yuan, 15 percentage points lower than the same period of last year, according to customs statistics.
In the trade hub of southern Guangdong Province, the growth of exports to the United States dwindled to 4.8 percent in the first quarter of this year from 15.5 percent in the same period of 2007, said Wu Gongquan, vice director-general with the province's department of foreign trade and economic cooperation.
Zhang Yansheng, director of the International Economic Research Institute under the National Development and Reform Commission, said China needs to shift its economic driving force from relying on exports to domestic consumption, technology upgrading and management innovation.
Ou added that the country should increase financial transfer payments to help low-income families to consume more and boost the consumption in the vast rural areas.
Experts suggested that Chinese exporters should upgrade their products mix and open new markets besides their traditional key markets in the United States and Europe.
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