Far-reaching prosperity needs long-term domestic demand expansion

Media reports said 21 that, Commercial minister Chen Deming indicates the policy of stimulating domestic demand, introduced in facing the world crisis, will not exit, but is to be enhanced as to set up a sustainable consumption market in <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />China. He predicts the scale of domestic consumption will overtake Japan in 2015 and America in 2020, to be ranked world top consumption market, as it sees rapid growth of domestic consumption at an annual rate, exceeding that of GDP, by up 17-18 percent.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Among other news, Chen Deming says as soon as the ECFA to be approved from Taiwan, the Ministry of Commerce will set up a non-governmental agency at Taiwan in charge of affairs of economic and trade co-op.

In meeting with the Director General of the WTO, Pascal Lamy, Chen says it is China will still firm in support of Doha Negotiation, for gaining  achievements in the next round talks, if WTO have had taken hold of the “window of opportunity” in 2011 negotiations and fixed at successes obtained thereof .

The official of the Ministry of Commerce introduces China has had full participation in all respects ‘negotiation, and have made practical contributions in submitting more than 100 proposals and to the commitment on tariff concession. China will proceed to cut its agricultural and industrial product tariff by 30 percent, and will open another 11 servicing sectors outward, according to the previous agreements.