China's Ministry of Commerce Begins Operation

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Last updated at: (Beijing Time) Wednesday, March 26, 2003

China's Ministry of Commerce Begins Operation

China's newly-formed Ministry of Commerce began operation Tuesday, replacing the decade-old Ministry of Foreign Trade and Economic Cooperation (MOFTEC).

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China's Ministry of Commerce Begins Operation

China's newly-formed Ministry of Commerce began operation Tuesday, replacing the decade-old Ministry of Foreign Trade and Economic Cooperation (MOFTEC).

The ministry, approved at the just-concluded session of the National People's Congress, China's top legislature, will take charge of both domestic and foreign trade as well as international economic cooperation.

Lu Fuyuan, 57, a senior engineer, is the new minister of commerce.

MOFTEC witnessed the key period of the talks on China's re-entry into the General Agreement for Tariffs and Trade (GATT) and its accession to the World Trade Organization.

China's foreign trade volume and influx of overseas investment also surged during that period.

China's foreign trade turnover reached 620.79 billion US dollars in 2002, more than three times the figure of 1993, when the turnover hit 195.72 billion US dollars. China's exports grew more than 2.5 times from 1993 to 2002.

The actual overseas investment in China was 25.759 billion US dollars in 1993, compared with 52.743 in 2002.

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