China may become Europe's biggest export market in 2012

PanARMENIAN.Net - The EU ambassador to China said Monday, Feb 6, the Asian powerhouse could become Europe's biggest export market this year, overtaking the United States as Beijing boosts domestic demand.

His comments come after Chinese Premier Wen Jiabao said China was considering helping the crisis-hit eurozone by contributing to bailout funds, and that a stable Europe was crucial for Beijing.

"There are indications that in 2012, China may become Europe's biggest export market," Markus Ederer told reporters in Beijing.

"European exports are growing at a higher pace than European imports from China," he said, adding the forecast was based on current trade trends, AFP reported.

The European Union has long been the biggest market for Chinese goods, but Beijing is increasingly looking to reduce its dependency on exports and focus more on domestic demand, which would lead to a rise in imports.