China's foreign trade structure diversified

09:28, January 12, 2011      

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China's trade volume surged in 2010. The development wasn't only in quantity, but also in quality - namely structure diversification.

The European Union, the United States and Japan remained China's top 3 largest trading partners in 2010.

But trade volumes between China and other emerging economies increased also. Bilateral trade volumes with BRIC nations - Brazil, Russia and India - all jumped more than 40 percent. That made India China's tenth largest trading partner.

Huang Guohua, Statistics Department Director of General Administration of Customs said "Trade volume between China and emerging economies increased faster than that with the traditional market. It indicates that China's foreign trade is diversifying, and showing less dependence on the traditional partners. It's a good way to reduce risks."

Data also shows that foreign trade volumes developed dramatically in China's middle and western areas last year. Although the southern province of Guangdong still topped others in the total volume of import and export.

Huang Guohua said "The export volume of middle and western areas surged over 40 percent year on year in 2010. The speed was 10 percentage points higher than the country's total. It indicates that industrial structure has improved in these areas."

The import and export volume of private enterprises surged faster than the country's average in 2010, with 47 percent year on year growth. Experts say China's foreign trade development reduced dependence on foreign-funded enterprises.

2010 imports and exports reached a historical high in a strong sign that the country's trade sector has shrugged off the global economic recession.

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