China may achieve a trade balance next year, as weakening demand from the U.S. and the EU will hit exports while imports are set to grow, Wei Jianguo, Secretary General of the China Center for International Economic Exchange (CCIEE), told China Daily. While China’s exports to emerging economies grow rapidly, they account for just one third of those lost to developed economies. He forecast China’s trade surplus will decrease to less than USD100 billion for 2011 from last year’s USD183 billion. The annual rate of export growth to EU countries, Wei
estimated, may even decrease to 10% for 2011. “China’s exports to the EU will grow 13% to 15% at most, as opposed to 22% to 28% last year,’’ Wei said. China’s trade surplus topped USD31.5 billion in July, the highest level for two years, according to data released by the General Administration of Customs. “I expect that trade protection lawsuits targeting China will exceed 100 this year and next,” Wei said. While exports may be facing tough times, imports will continue to grow, backed by government support. China’s trade volume hit USD318.9 billion in July, a year-on-year increase of 21.5% while the volume of imports climbed 22.9% year-on-year to USD143.6 billion.