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Conference: No Change for World Trade Trends

12-13 21:05 Caijing Magazine

China will have to wait at least a decade for an economy that does not rely on exports, an expert says, because global trade appears here to stay.

By staff reporter Li Xin
From the Caijing Annual Conference  

 

The world’s cross-ocean trading structure and China’s role as a major exporter are not expected to change significantly as a result of the global financial crisis, said Long Yongtu, a former World Trade Organization negotiator for China and now secretary-general of the Boao Forum.  

 

Speaking at the annual Caijing conference December 13, Long said the real economy, not the financial system, is the key force that determines any nation’s direction. And China is no exception.  

 

China should take a sober view of its economic position, since its advantages include the strength of labor-intensive industry, Long said. He does not think the current global trade model, which includes China’s export-driven economy, will change anytime soon.  

 

Indeed, Long said it may take China 10 to 30 years to change the reliance on the export of labor-intensive goods.  

 

Long represented China in negotiations before the nation joined WTO in 2001. He now oversees the annual Boao economic talks. 

 

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