The country's increasing foreign trade now makes up 60 per cent of its total trade, the National Bureau of Statistics said in a statement. The government fears that imported inflation and a growing dependence on natural resources from other countries is adversely impacting the economy.
"China's reliance on foreign trade… made the country more sensitive to
price changes on international markets," state media writes. The
National Bureau of Statistics said that this caused "the ensuing
external-driven inflation in the nation". The report says that China's
inflation was mainly driven by price hikes for crude oil, grain and
iron ore, as China imports 50 per cent of the needed oil and iron ore.
The consumer price index rose to a 12-year-record-high of 8.7 per cent
in February. In the first six months of this year, the CPI averaged 7.9 per cent.
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