Compared with the United States and Europe countries, Asia and China’s economy suffered relatively
smaller direct impact during the global financial crisis. Even in 2008 when the negative impact on
China's economy become obvious, the GDP growth of China still maintained 9%. According to IMF
projections for 2009 and 2010, China's economy should be significantly better than the major
international currencies countries.Financial crisis will have a negative impact on China's foreign trade
inevitably. With the economy growth of United States and the world slowdown in the crisis, China's
exports face greater downside risks. However, the Chinese exports to the United States focusing on
labor-intensive products and low-cost products, the income elasticity relatively small, the influence of
economic downturn and decline in income on demand for these commodities is unclear. Judging from
the data, China's foreign trade in crisis didn’t deteriorate obviously. The exports of goods and services
increase year by year, and still maintain a rather large current account surplus.