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China trade surplus at $160 billion in 2011

China trade surplus at $160 billion in 2011

05 January 2012 13:39 (UTC +04:00)

Baku - APA-Economics. China’s trade surplus may have fallen to around $160 billion in 2011, Minister of Commerce Chen Deming said in comments published Thursday.

He said the trade surplus, which would compare with 2010’s $183.1 billion, fell to around 2% as a percentage of GDP from 3.1% in 2010.

Retail sales are expected to have grown around 17% in 2011 to CNY18 trillion, Chen said. December and 2011 retail sales data are due for release around mid-month while trade data is scheduled for release on January 10.

Chen said the global economy is likely to recover slowly in 2012, but warned that downwards pressure is clearly increasing.

"World economic conditions are severe and complex," he said, echoing recent government rhetoric.

The Commerce Minister said the government will keep its export tax rebate program unchanged this year while consolidating and expanding the market share of Chinese exports.

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