MOFCOM: Chinese companies to be price-makers
2010-April-20 Source: People's Daily website
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The Ministry of Commerce (MOFCOM) has recently completed a report on transforming China's foreign trade development pattern. According to the report, Chinese companies will try to acquire a higher pricing and bargaining ability on the international market and evolve into price-makers from price-takers.

MOFCOM vice minister Zhong Shan said during the Canton Fair that in the post-financial crisis era, it is necessary for China to accelerate the transformation of its foreign trade development pattern in a bid to deal with the new international economic and trade patterns as well as to further and sustain a better development.

It is highly likely that far more foreign businesspeople will participate in the 107th Canton Fair compared to the last fair, and that the number of orders will also increase, according to data collected from the Canton Fair. Despite favorable conditions, many businesspeople and scholars suggest that China should stay prepared for adversity in times of safety, self-analyze more profoundly, root out the problems exposed during the financial crisis and accelerate the transformation of foreign-trade development pattern.

Li Rongcan, director of the MOFCOM Policy Research Department, said that China has become a truly large trading nation since it implemented market reforms over 30 years ago, but a series of old problems remain unsolved. For example, China is still a large-but-not-strong trading nation. Therefore, the country should focus more on quality and efficiency but not simply on scale and speed while maintaining a steady growth in foreign trade, Li said.

Zhong said that the transformation of the foreign trade development pattern is not just a fundamental transformation of economic development patterns, but also a profound ideological change.

MOFCOM said that it will take at least eight measures to promote the development of foreign trade, including building more and better business platforms, improving the quality of goods, establishing export bases, expanding on emerging markets, promoting processing trade, supporting service trade, expanding border trade and encouraging Chinese companies to go global.

MOFCOM's report also mentioned that China will attach greater importance to the competitiveness of its exports, try to transform into a quality-oriented trading nation and encourage more domestic companies to develop on the middle and high-end markets.

Editor: Miranda
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