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Chinese foreign trade to miss target: source

BEIJING/SHANGHAI -- Despite accelerated activity in September, China's chances of hitting its annual foreign trade growth target this year were described as “hopeless,” according to a well-placed source.

Economists and trade watchers agreed that due to a number of factors, the euro-debt crisis being the most significant, the momentum of China's foreign growth will remain weak as the year draws to a close.

An annual foreign trade growth target of 10 percent was set earlier this year but the chances of hitting that figure are “hopeless,” said the source on condition of anonymity.

Foreign trade in September grew by only some 6 percent year-on-year, with exports reaching nearly 10 percent and imports more than 2 percent, the source said.

The General Administration of Customs is expected to release the trade figures for September on Saturday.

Exports in August registered an increase of 2.7 percent year-on-year to US$177.98 billion, while imports saw a net decrease of 2.6 percent to US$151.31 billion.

In the first eight months combined, China's foreign trade grew 6.2 percent from the previous year, amounting to US$2.5 trillion.

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