China, export--China Official Says Must Speed Restructuring of Export Model

Aug. 16 (Bloomberg) -- China needs to accelerate the restructuring of its export model as the current system causes trade frictions, leads to imbalances and creates little value, Zhong Shan, a Vice Minister of Commerce, wrote in an article posted to the ministry’s website today.

That restructuring needs stable currency policies, stable systems for tax rebates and an expansion of yuan trade settlement and an expansion of the currency’s role in global markets, Zhong wrote in the article. Indigenous technology accounts for less than 10 percent of Chinese exports, Zhong wrote. (By Yanping Li)