July Data Indicates Improvement in China’s Economy
July’s shipments from China to the European Union and the United States showed an increase for the first time in five months, being 5.27 percent year-on-year for the United States and 5.87 percent for the European Union. These figures also indicate that some of the European Union member countries are experiencing a measure of economic recovery.
While China’s exports are far from the double-digit expansion experienced in the past, exporters have retained their markets through economic transformation and restructuring. Among these measures have been the simplification of customs clearance and the reduction of some administrative fees relating to imports and exports. Huo reportedly expressed his confidence that China is in a position to achieve its economic growth target of 8 percent for 2013.