China's imports and exports will reach 1,000 billion US dollars in 2004, said Bo Xilai, China's Minister of Commerce Sunday in Beijing.
He made the remarks at the WICO (World Industrial and Commercial Organizations) -Summit that opened Sunday. The summit focuses on promoting cooperation in international industrial and commercial circles.
In 2003, the total import and export volume of China reached 850 billion US dollars, the 4th largest worldwide. From January to July this year, the total amount of imports and exports of China reached 623.1 billion dollars, a growth of 38 percent over last year.
"With the current development trend, it is estimated that the imports and exports of this year will be over 1,000 billion dollars," Bo said.
China needs to import large amounts of goods to satisfy a growing domestic demand, he said.
In the past 25 years, the growth rate of goods imported to China was 15 percent, 10 percent higher than the average worldwide. With 410 billion dollars of imports worldwide, China is the third largest importing country after the United States and Germany.
Imports will amount to 500 billion dollars this year, and in 2010, to 1,000 billion dollars, Bo said
Many foreign enterprises have benefited from China's growing demand of imports, Bo said.
"China, in line with the principle of generally balancing imports and exports, will continuously expand imports," he said.
According to Bo, China will provide high quality and inexpensive goods to the international market. Meanwhile, China will continue to import large amounts of equipment of advanced technology, products of high and new technology, raw materials, and competitive consumables.
He said the Chinese government will also focus its efforts on promoting a new round of multilateral trade negotiation and enhancing bilateral and regional economic and trade corporation.
"We actively assert to drive the trade liberalization and facilitation, and say no to trade protectionism in any form," he said.
More than 300 officials from 70-plus ICOs attended the two-day summit.