China's Foreign Trade Rises Some 30 Times in 24 Years

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Last updated at: (Beijing Time) Monday, December 30, 2002

China's Foreign Trade Rises Some 30 Times in 24 Years

China's foreign trade this year is expected to hit 620 billion US dollars, about 30 times the figure 24 years ago, when the country launched its reform and opening-up drive.

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China's foreign trade this year is expected to hit 620 billion US dollars, about 30 times the figure 24 years ago, when the country launched its reform and opening-up drive.

In 1978, China's foreign trade volume was 20.6 billion US dollars, ranking the country 32nd in global trade terms. Last year, its trade totaled 509.8 billion US dollars, making China the sixth largest trading nation in the world. Just one year a member of the World Trade Organization, China is now striving for fifth position.

Over the last two decades, China has successfully maintained political stability and rapid economic growth. The booming society and market economy base spawned tens of thousands of competitive enterprises, providing strong propulsion for exports. The rise in people's living standards and purchasing power guaranteed the simultaneous growth in imports.

After its WTO entry, China unleashed controls on domestic manufacturers' import and export rights, and cut its tariff rates. Its automobile imports are expected to jump over 60 percent this year owing to reduced tariffs.

Machinery, and electronic and high-tech products now account for most of China's exports. Ministry of Foreign Trade and Economic Cooperation (MOFTEC) figures show the proportion of machinery and electronic goods exported increased from 44.6 percent to 50.2 percent during the last one-year period.

This year saw China making strides in trade management and foreign-related law reforms, which demonstrated its resolution to keep its WTO entry promises. Quota licenses have been cut by large margins and import and export processes simplified.

China's mainland trade with its major trading partners all increased. Trade with Taiwan, Hong Kong, the Association of Southeast Asian Nations and Russia were the most striking. The China-ASEAN Free Trade Zone process was launched, and trade and investment negotiations in the Shanghai Cooperation Organization framework also started.

As a country suffering most from anti-dumping measures, China made full use of international regulations to safeguard its own interests. In the first 10 months this year, anti-dumping and protectionism cases against China totaled 47, down 20 percent on a year-on-year base.

China's rocketing foreign trade benefited ordinary people. Expanding imports led to price drops and more colorful commodity choices. Many Chinese fulfilled their "dream of car ownership" this year. Booming exports provided more job opportunities as well as revenue and foreign currency reserves. MOFTEC figures show over70 million people in China are working in economics and trade with other countries.

Many WTO members this year praised China's implementation of its WTO obligations. MOFTEC Minister Shi Guangsheng said China's imports and exports would continue to grow in 2003. Against the global backdrop of slow economic growth, China managed to boost its foreign trade while reorienting itself in the world trade body.

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