China Watch Blog

China Watch Blog has learnt that the average customs clearance times of import and export goods in China have been respectively shortened by 43 percent and 16 percent after a series of reforms, including classified clearance, paperless clearance and other convenient clearance measures.

Yu Guangzhou, Minister of the General Administration of China Customs, said at the World Customs and Trade Forum 2011 on Nov. 24 that the fate of the global economy remains uncertain at this time, and as a country’s gateway, customs should pay more attention to the establishment of smooth communication channels to jointly promote global trade development and economic prosperity.

China Watch Blog has learnt that the Organization for Economic Cooperation and Development (OECD) has said that the rapidly deteriorating crisis in the eurozone has worsened the global economic outlook and decisive policies are urgently needed to stop the contagion of sovereign debt turbulence spreading.

Despite the worsening situation, the OECD did not lower its forecast for China’s growth in an economic outlook report released on Monday compared with announcements it made in October, the China Daily reported, citing that the OECD projected that the nation’s output growth will average just over 9 percent from 2011 to 2012.

It previously said China’s economic growth will drop to 8.5 percent in 2012, from this year’s estimated 9.3 percent. In 2013, it will pick up to 9.5 percent. Last year, it was 10.4 percent.

Experts said China needs internal reforms and adjustments to cope with this round of external challenges and sustain its economic and social development.

China Watch Blog has learnt that the International Monetary Fund in its September growth forecast has predicted emerging economies to grow by a healthy 6.4% this year and 6.1% next year. This would account for over three-quarters of global economic growth in total.

By comparison, the IMF growth forecast for advanced economies is 1.6% next year, with fiscal consolidation and high unemployment rates expected to drag growth down further.

Speaking at the APEC CEO Summit in the US earlier this month, President Hu Jintao said: “The new global economic governance structure should reflect changes of the world economic landscape, follow the principles of mutual respect and collective decision-making and increase the representation and voice of emerging markets and developing nations.”

There is much room for emerging economies to take up a bigger role in jointly promoting balanced, inclusive, innovative, sustainable and safe growth in the global economy.

As China’s global financial centre and as the premier international gateway to the Mainland, Hong Kong has an important role to play in this changing economic landscape.

To fortify linkages with the emerging economies, Hong Kong will continue to further strengthen its trade and investment co-operation with these new partners.

This will also help our entrepreneurs to achieve a more diversified business portfolio, rather than being overly reliant on our traditional developed markets in the West, says Financial Secretary John Tsang.