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Chinese trade officials identified Russia, India, Africa and Latin America as potential new markets for exporting machinery and electronic products in the face of a gloomy world economic outlook this year.
And they promised to improve financial and fiscal policy supports for exporters in order to achieve a goal of 10 per cent growth this year.
"World trade is shrouded by uncertainties this year, and depreciation of the Japanese yen has caused the situation to deteriorate, adding more difficulties for China to increase its exports of machinery and electronic products to Europe and the United States," said Shi Guangsheng, minister of foreign trade and economic co-operation (MOFTEC).
But it is still possible for domestic suppliers of machinery and electronic products to increase their exports at a relatively rapid pace this year, he said.
China's exports of machinery and electronic products increased 12.8 per cent to US$118.8 billion last year, making up 44.6 per cent of the country's total exports, according to customs statistics.
Despite economic slowdowns in Europe and the United States, basic needs still exist in those countries. And Chinese companies can compete on the basis of traditional sales channels, quality, price and product variety, he said.
"It's likely that China's export of information technology product parts to Europe, the United States and Japan will decline but it's not necessarily the case with all IT products," he said. "Because China has a price advantage over other countries in labour-intensive products."
The minister spoke on Sunday in Beijing at a two-day national conference on exports of machinery and electronic products, which ends on Monday.
He encouraged domestic makers of machinery and electronic products to improve their quality, build up brand image and do well in after-sale services in order to compete with other countries.
He also urged domestic firms to tap new markets such as Russia and India where economic growth is relatively rapid but customers have low recognition for Chinese products.
He vowed that the government will work hard to improve its financial and fiscal support for exports of machinery and electronic products.
Present loans, insurance, and tax rebates for those exporters have limitations compared with those from many other countries.
(China Daily January 21, 2002)
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