Official: China retains trade advantages

BEIJING, July 5 (UPI) -- The global economic downturn has not cost China its advantages in foreign trade, a senior Chinese commerce official says.

Speaking Saturday at the Global Think Tank Summit in Beijing, Yi Xiaozhun, China's vice commerce minister, said the country is positioned to post trade levels above global averages once the recession ends, the state-run Chinese news agency Xinhua reported.

The news agency said Yi credited Beijing's moves to stimulate domestic demand as key in retaining China's foreign trade advantages, which he said won't rise sharply as they have in recent years. He reportedly added that China has been wise in diversifying its foreign trade, posting increases in trade with African, Middle Eastern, middle Asian and Latin American countries during the downturn.

Xinhua said Yi also urged ending protectionism, which he said has been picking up.