China's Foreign Trade Expected to Continue Growing

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Last updated at: (Beijing Time) Thursday, May 30, 2002

China's Foreign Trade Expected to Continue Growing

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Despite uncertainties in the world economy and trade development, China's foreign trade will continue to increase in 2002, thanks to its unique advantages and a basically stable international demand for necessities, said Vice Minister of Foreign Trade and Economic Cooperation (MOFTEC) Zhou Keren Wednesday in Dalian.

But he also pointed out that China shouldn't be too optimistic about its trade prospects, as there are some factors limiting trade expansion.

Zhou made the remarks at a national conference on cooperation among trade and taxation departments, which was jointly hosted by MOFTEC and the State Administration of Taxation.

The first four months of 2002 witnessed the rebound of export and import growth rates, Zhou said, noting that the export volume in April alone grew by 17.2 percent, while the import volume increased by 17.8 percent.

Exports of machinery and electronic products, as well as high-tech commodities, grew rapidly, he noted. Zhou mentioned that the growth of China's exports to the United States and the Hong Kong Special Administration Region has picked up, and that the growth rate of trade in processed goods exceeded that of general trade.

He said that exports involving overseas-funded and private enterprises continued to grow rapidly, and the foreign investment put to use in China also increased remarkably.

The downturn and uncertainties of the world economy, as well as international trade protectionism and fund shortages of enterprises have limited China's current export expansion, the vice minister said.

In order to maintain the steady development of foreign trade, he said, China needs to further rectify and improve relevant laws and regulations to meet requirements of World Trade Organization rules, Zhou said.

China also needs to protect its legal rights in fighting against international trade protectionism, and to encourage domestic enterprises to invest abroad, he said.

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