Chinese walker

The National Meeting on Commercial Works which lasted two days was held in Beijing on December 23 and December 24. The meeting emphasized the general requirements on the commercial requirements of 2009, which are: fully implementing the spirits of the 17th CPC National Congress and the Third Plenum of the 17th Party Congress, taking the Deng Xiaoping Theory and the important thoughts of “Three Represents” as guidance, deeply implementing and fulfilling the scientific outlook on development, taking “expanding of domestic demands and maintaining steady development of foreign trades” as the focuses, improving the policies, enhancing the services, wholly planning both the domestic and international markets and resources, accelerating the structural readjustment and transition of development modes, and achieving a effective and rapid development of commercial businesses.

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Chairman LIU’s speech at the Caijing Magazine Annual Meeting

The year 2008 is an eventful year in the world financial history. The US subprime crisis has evolved into a global financial storm, which, in turn, has caused a downturn in the real economy that has reinforced the strains in the financial system. So far, the negative impact is universal and China is not immune to it. One year ago, when there was a huge debate on whether China could decouple from the world, I said it was only a myth. Now, the Caijing Magazine is offering us a valuable opportunity to look from the hindsight and lay a solid foundation for the future.

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Overseas-invested businesses operating in Shanghai have been faring slightly worse in terms of foreign trade growth compared to the city’s average foreign trade growth this year.

When contacted by Xinhua Tuesday, a spokesman from the Shanghai Municipal Commission of Commerce, said the slowdown in foreign trade began six months ago and the downturn would continue in the last quarter of the year. He cited the adverse impact of the global financial meltdown as the cause.

According to commission statistics, businesses financed with overseas money, which contribute to two-thirds of Shanghai’s foreign trade, did 186.28 billion U.S. dollars worth of foreign trade in the first 10 months of the year, up 19.37 percent year on year.

The growth range, however, was 0.4 percentage points smaller than the average of foreign trade done by all the other businesses in the city for the same period.

In a breakdown, overseas-invested businesses exported goods worth 95.8 billion U.S. dollars, up 21.82 percent. The growth rate was 0.8 percentage points less than the average growth rate of exports from all companies in the city.

Overseas-backed ventures imported 90.48 billion U.S. dollars worth of goods in the past 10 months.That’s up 16.88 percent from one year ago, which is the same average import growth of all the businesses in the city.

As of late October, more than 50,000 overseas-backed- ventures had been approved for establishment in Shanghai. That results in 80 billion U.S. dollars worth of overseas direct investment.