Expert Profile
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David Wei
Since October 2007, chief executive officer and executive director of Alibaba.com;
From November 2006 to September 2007, president of Alibaba.com and executive vice president of Alibaba Group;
From 2002 to 2006, president of B&Q China, a subsidiary of King
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In 1996 foreign investment (not including Hong Kong and Taiwan) represented 8.2 percent of total investment in China. In 2008, the most recent year for which figures are available, it was 4.9 percent, according to Roland Berger Strategy Consultants.
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| China抯 Exports Fall 26.4% In May |
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China’s May exports fell by a record 26.4 percent compared with the same month of 2008, while imports were also down 25.2 percent, the customs agency reported.
China’s exports fell by a record as the global recession cut demand for goods produced by the world’s third-largest economy. China, the world’s second-biggest exporter, has implemented various stimulus programs such as cut taxes, easier lending and pledged to keep its currency stable to sustain overseas sales amid the worst global slump since the Great Depression. The economy grew at the slowest pace in almost a decade last quarter as tumbling orders forced manufacturers to shut factories. The government said this month that a quick rebound in trade is becoming less likely and unveiled higher export rebates on some steel products, electronics, machinery and toys, the seventh increase since August. But, China’s export orders index rose to 50.1 in May, marking the first expansion in 11 months, a government-backed manufacturing index, the PPI showed. Japan’s exports and production rose in April from the previous month, and orders placed at U.S. factories gained for the second time in three months. China’s imports dropped 25.2 percent last month, more than the 22 percent decline estimated by economists and the 23 percent drop in April. The trade surplus was $13.4 billion in May, less than the $14.9 billion estimated by some economists. China's May global trade surplus narrowed by 33 percent from the same month last year to $13.4 billion. April's surplus was $13.1 billion. Exports to the United States shrunk by 26.9 percent to $16.7 billion, reducing the Chinese trade surplus with the United States by 23.7 percent from the same month last year to $10.9 billion. Exports to the 27-nation European Union, China's biggest foreign market, plunged by 41.3 percent to $17.3 billion, narrowing the trade surplus with Europe by 39.3 percent from the same month last year to $7.7 billion. |
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