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Chinanews, Beijing, Nov. 16 – The declining US economic might affect the economy of the whole world. As a large exporter to the United States, Chinese economy will be severely1 affected2, too. The Ministry3 of Commerce Political Research Center recently published a report warning Chinese governments at all levels and export companies of possible business decline caused by the declining US economy. The report urges governments and exporters to take action to prevent the situation. For companies that mainly export goods to US, their business orders might fall sharply in future, too, the report says.
In the report, economists4 hold a pessimistic view about China's export next year. “The possible decline of world economy might greatly affect the macro economic situation in China next year. If the export volume falls drastically in China, it might terminate the high economic growth that has been maintained in China for years, ” the economists say. Statistics from the Ministry of Commerce show that during the first quarter of this year, Chinese export to US increased by 20.4%. However, in the second quarter, the growth rate declined to 15.6% and in the third quarter, the growth rate further declined to 12.4%. As US economy declines, its import shrinks substantially, too. This can be clearly seen by the fact that last July, when the subordinated loan crisis occurred in US, Chinese export to US also fell sharply. As US is a large importer of Chinese goods, when consumption declines in the US domestic market, it will heavily influence Chinese export to US, too. “During the first three quarters of this year, Chinese export to US made up 19.4% of the country's total export. The proportion was only a little bit lower than Chinese export to EU, which stood at 20.0%. Researches by the central bank show that whenever US economy declines by 1 percentage point, Chinese export will fall by 6 percentage points,“ says the report.
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