China to Strive to Export More in 2002: Trade Minister

Home>>Business

Last updated at: (Beijing Time) Friday, December 28, 2001

China to Strive to Export More in 2002: Trade Minister

"Export is likely to grow by no less than five percent this year and import by about eight percent," said the minister of foreign trade and economic cooperation. Next year, efforts will be made to realize a 10-percent increase in the import and export of machinery and electronics products and a 15-percent rise in the export of high-tech products, Chinese trade minister Shi Guangsheng said Thursday in Beijing.

China will work to maintain next year's foreign trade at this year's level while trying to increase export, Chinese trade minister Shi Guangsheng said Thursday in Beijing.

The total import and export this year is expected to hit a new high at 500 billion U.S. dollars, a year-on-year increase of seven percent, Shi said at an annual national work conference on foreign trade which close here Thursday.

"Export is likely to grow by no less than five percent this year and import by about eight percent," said the minister of foreign trade and economic cooperation. Next year, efforts will be made to realize a 10-percent increase in the import and export of machinery and electronics products and a 15-percent rise in the export of high-tech products, he said.

Shi said though the global economic situation will be worse in the upcoming year, the world market still has its demand, China's economic development will keep its healthy momentum and the international environment for China's foreign trade will improve after the country enters the World Trade Organization (WTO).

"All these combined can create room for the development of China's foreign trade and economic cooperation," he said. Next year, he said, priority will be given to increasing export. Efforts will be made to consolidate China's market shares in the traditional U.S. and European markets and maintaining the shares in Asian markets, and tap potential in markets of the Commonwealth of Independent States, the Middle East, Latin America and Africa.

He urged foreign trade departments and enterprises to maintain the rapid growth in high-tech products export, in particular the export of software and integrated circuits export. Measures should also be taken to increase export of labor- intensive products and farm produce, such as vegetables, fruits, flower, livestock and aquatic products.

Use of Foreign Capital

China will continue to improve the work in using foreign capital next year, with high-tech and infrastructure sectors listed on top of the agenda for attracting overseas investors, Shi said.

He said the key areas designated by the Chinese government in absorbing overseas funds include information technology, bio-engineering, new materials, aerospace, petrochemical, chemical and construction materials industries, and port, harbor and road construction.

China will encourage multinational corporations to set up regional headquarters in Beijing, Shanghai and Guangzhou, and establish their research and development centers in the country.

China will also promote the use of foreign capital in agricultural projects, small and medium-sized enterprises, and the renovation of state-owned enterprises, as well as for the development of the western region of the country.

Overseas-funded enterprises in the country are encouraged to increase export, said the minister of foreign trade and economic cooperation.

Next year, Shi said, China will actively implement the "Go Out" strategy, a measure to spur Chinese enterprises to invest in or contract projects overseas.

Efforts will be made to promote joint development of foreign oil, gas mineral, forest and fishery resources, Shi said.

The Chinese government encourages competent enterprises to invest in or run businesses in Commonwealth of Independent States, Africa, central Asia, Middle East, East Europe and South America, the minister said.

Minister on Use of Foreign Capital in 2002