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China unveils new measures to boost export

Posted on: June 5, 2009


AFP – Thursday, May 28

BEIJING (AFP) – – China on Wednesday unveiled new measures to help exporters, which have been hard hit by falling overseas demand due to the global economic crisis, state media reported.

At a meeting presided over by Premier Wen Jiabao, for 2009 the government decided to increase export credit insurance to 84 billion dollars and export credit to 10 billion dollars, according to CCTV television.

“The fall in external demand which has caused a drop in exports is the biggest difficulty facing,” the Chinese economy, the government stressed, CCTV said.

It also said it would keep the yuan currency “basically stable” at a “reasonable and balanced” level to support export firms.

Since the start of the year, Beijing has undertaken a series of measures to support its vital export sector, notably by lowering taxes.

Chinese exports fell 22.6 percent year-on-year in April, against a drop of 17.1 percent in March, according to official figures.

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