China plans to become a trading power by 2030

16:28, April 19, 2010      

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China will become a trading power by 2030, and the total trade value of China's goods and services will reach 5.3 trillion U.S. dollars in 10 years, twice the current figure, according to a report released by the Ministry of Commerce (MOFCOM) on April 18 at the Symposium on the Transformation of the Foreign Trade Development Mode. The report claims that. In 10 years, China will become a rule-maker for international trade.

Li Gang, writer of the report and researcher at the Chinese Academy of International Trade and Economic Cooperation under MOFCOM, said that China's trade value will increase to 5.3 trillion U.S. dollars by 2020, with the trade value of goods standing at 4.3 trillion U.S. dollars and the trade value of services standing at 1 trillion U.S. dollars.

The value of China's exports and imports of goods will reach 2.4 trillion and 1.9 trillion U.S. dollars, respectively, accounting for more than 10 percent and 8 percent of the world's total and ranking first and second in the world respectively. The value of China's service exports and imports will both reach 500 billion U.S. dollars, accounting for over 8 and nearly 9 percent of the world's total and both ranking second in the world.

The report also stated that China will realize transformation from a country with a huge trade volume into a trading power by implementing a two-step strategy. First, it will strive to consolidate its status as a country with a huge trade volume and facilitate the transformation over the next 10 years. Second, it will further consolidate its status as a country with a huge trade volume during the "12th Five-Year Plan" period and substantively promote the transformation during the "13th Five-Year Plan," eventually becoming a trading power by 2030.

By People's Daily Online


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