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China's Trade Volume Expected to Hit US$470 Billion
China's trade volume is expected to hit US$470 billion this year, an increase of 30 percent over last year, said Foreign Trade Minister Shi Guangsheng Tuesday, December 26.
Addressing a foreign trade conference, Shi said that the figure is expected to be about US$110 billion more than last year, adding that the export of mechanical and electronic products and high-tech products rose by 38.9 percent and 51.9 percent respectively in the first 11 months of the year, an increase of 2.7 percent and 2.1 percent respectively in terms of the ratio of total exports.
The import of equipment and natural resources, including crude oil, timber, copper, rubber, has grown sharply, Shi said, adding that the import of mechanical and electronic products and high-tech products rose by 33.2 percent and 39.1 percent respectively.
China enjoys a trade surplus of US$23.56 billion during the period and a trade settlement surplus of US$27.71 billion, promoting a stable growth of foreign reserves, he said.
Shi said that China has set a target of an 8 percent increase in trade volume next year, adding that the export of mechanical and electronic products and high-tech products will grow by about 15 percent, and the actually used volume of foreign investment will not be lower than this year.
According to Chinese customs, China's trade volume was US$430.92 billion from January to November this year, an increase of US$33.4 percent over the previous year, among which exports were US$222.74 billion, a rise of 30.1 percent, and imports totaled US$203.68 billion, a rise of 37.4 percent.
China Ready to Promote Foreign Trade in Next Five YearsShi said that China has set a foreign trade target of US$650 billion for 2005, and will try to absorb US$200 billion of overseas investment during the period.
He said that it is imperative that more measures are taken to promote foreign trade and improve international competitiveness, and it is important to keep a balance between imports and exports. Shi said the export of machinery and electronic products will reach US$160 billion by 2005, accounting for about 50 percent of the total export, and export of high-tech products will be US$60 billion, accounting for about 20 percent.
At the same time, traditional export products will be more value-added and at higher technical level, he said, adding that it is important to seek an even greater development in terms of overseas contracted project, labor cooperation, overseas investment and assistance in the next five years, he said.
Shi said that China will deepen the reform of its foreign trade management system, and manage and supervise foreign trade activities by economic and legal means. Foreign trade enterprises will operate according to market rules, he said. Therefore, China's foreign trade growth will depend on quality and efficiency instead of scale and quantity.
He said that in the next five years, China will establish a new foreign trade system suited to international regulations and its own national conditions, according to its commitment made during negotiations for its entry into the World Trade Organization (WTO).
Shi said that China will be more active in international competition and cooperation, and will encourage the formation of Chinese transnational companies. He said that China will establish a stable and standard export drawback system while improving the financial supporting system focusing on export credit and export credibility insurance.
China will also set up economic and legal systems for business with foreign countries, which will be compliant with WTO rules and its national conditions, Shi said.
Meanwhile, it is essential to establish a supervision, control and early-warning mechanism for importing and exporting important commodities, he said. It is also important to protect domestic industries by taking advantage of WTO rules.
He called for promoting e-commerce in foreign trade, and setting up various kinds of databases related to foreign trade so as to upgrade the management of foreign trade and make Chinese enterprises more competitive in the international market.
Shi said that China will new ways of participating in regional economic cooperation, he said.
Foreign Trade to Maintain Rapid Growth China will work to maintain rapid and sound growth in foreign trade in the coming five years, when it is to push forward economic restructuring, improve the competitiveness of its national economy and promote the steady increase of its foreign exchange reserves, an official said in Beijing Tuesday, December 26.
At a three-day national conference on foreign trade, which opened Tuesday, State Councilor Wu Yi also lined out China's major targets for the coming five years.
The goals include boosting foreign trade growth at a slightly higher rate than that of the national economy, expanding foreign trade with science and technology, increasing the competitiveness of the service trade and absorbing more funds from overseas.
At the same time, China will continue to provide technical and economic assistance to other countries, step up the restructuring of its foreign trade management system and set up and perfect a legal system that governs China's foreign trade, she said.
Wu, who is also an alternate member of the Political Bureau of the Communist Party of China Central Committee, said that in 2001, China will further improve management and standardize the operations of foreign trade enterprises when it is preparing for entering the World Trade Organization.
China's foreign trade has overcome the impact of the Asian financial crisis over the past five years and has become an important force in boosting China's national economy, she said.
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