|
SHANGHAI, Dec 24 (CEIS): China has been facing increasing risks in international trade and its ratio of bad accounts in exports is 10 times or more of that in developed countries.
Xu Fuxing, deputy general manager of China Export and Credit Insurance Corporation (SINOSURE), believed the risks built up as a result of a lack of experience in doing international trade and construction of relevant supporting networks.
In comparison with developed nations, China, whose international trade started only after the country's reform and opening-up drive, adopted in late 1970s, is "pretty much backward" in terms of experience, construction of financial and credit supporting networks, basic research on risk control and relevant technological developments, said Xu while addressing an ongoing international credit and risk management conference held in Shanghai.
"Risks are especially great to those Chinese companies which have started to do international trade since 2001 when China was admitted into the World Trade Organisation (WTO) and the country began to lift the long-standing restrictions in rights to do foreign trade step by step," said Xu.
Xu also blamed the export of commodities with low-technology contents and an irrational export structure for the country's growing risks in international trade.
Statistics show that China has been targeted in over 700 cases of investigation for anti-dumping, anti-subsidy, guarantee measures or measures of special protection since joining the WTO, becoming one of the nations with the most number of such cases.
In the meantime, a sample survey indicates that China's ratio of bad accounts in exports is five per cent, which is ten to 20 times the average for the developed countries.
Take the year of 2004 as an example. China exported 593.36 billion US dollars worth of commodities last year, but its overseas bad accounts cropping up in exports also ran as high as 30 billion US dollars.
|