NEWSGD.COM
Home | About Us | Contact Us | Site Map | Chinese
News | Biz | Pearl River Delta | Enjoy Life | Culture | Travelling | Pics | Cities & Towns | Gov Info | Specials
Current Home > Business > Biz Headlines
China to become world's 2nd largest trader
Latest Updated by 2007-04-30 16:06:53
Related News
Guangdong leads way on trademarks
China's monthly trade surplus plummets to US$6.9 bln in March
Canton Fair opens 101st session, seeking trade balance
Business News
China raises bank reserve ratio to 11%
Huaxia Bank's profit up 21%
Major steel firms quadruple profits in Q1

China will this year replace Germany as the world's second largest trader with 2.1 trillion U.S. dollars in foreign trade and may overtake the world's largest trader, the United States, by the end of the decade, says a senior Chinese researcher.

"China maintained a growth rate of more than 20 percent in foreign trade in the first quarter and is likely to maintain the momentum throughout the year," said Li Yushi, vice president of the Research Institute of International Trade and Economic Cooperation under the Ministry of Commerce.

Despite a growth rate that declined to 6.9 percent in March, foreign trade in the first three months totaled 457.7 billion U.S. dollars, up 23.3 percent year-on-year.

Exports reached 252.1 billion U.S. dollars, up 27.8 percent, while imports were valued at 205.7 billion U.S. dollars, up 18.2 percent, according to figures released by the Chinese customs.

While the Ministry of Commerce projected foreign trade to grow by about 10 percent a year between 2006 and 2010, Li's institute predicts the growth rate will be between 12 and 15 percent.

"Based on these predictions, we can tell that China will overtake the United States to be the world's largest trader in 2010," Li told a seminar on China's foreign trade prospects in Guangzhou.

China started to lower export tax rebates on numerous items last September to help bring down its trade surplus, said Li." The government is also developing policies aimed at expanding imports by encouraging domestic companies to import state-of-the-art equipment and technologies."

China's soaring exports in 2006 expanded its trade surplus to a record 178 billion dollars, up 74 percent from the previous record of 102 billion dollars set in 2005.

China's trade surplus for the first two months of the year hit 39.6 billion U.S. dollars, more than the entire first quarter of last year.

In March, however, the surplus dropped to 6.87 billion U.S. dollars, dipping below the 10 billion U.S. dollar mark for the first time since March 2006.

The World Trade Organization said in a report last week that China's product exports started to exceed those of the United States in the second half of 2006, but figures for the the entire year show China ranked third in exports, after Germany and the United States.

Editor: Donald

By: Source: China View website
Previous:  Major steel firms quadruple profits in Q1  Next:Regulator targets stock price manipulations, insider trading


Mainland announces new policy package to promote cross-Strait ties


20,000 walk Western Corridor


[Guangzhou] Eight New Attractive Places of Liwan District Selected


A park to be constructed in the greenbelt inside Ersha Island


2008 Beijing Olympic Games Torch unveiled
This site contains material from other media for content enrichment purpose only.
The Southcn.com website do not endorse such content and do not bear the joint responsibility of their copyright infringement.
The views expressed in written material posted to the bulletin boards of Southcn.com are those of the authors and/or publishers. The Southcn.com website does not endorse information products posted by organizations and individuals here. The originators of these information products are solely responsible for their content.
For copyright infringement issues, you shall contact Southcn.com within thirty (30) days. Email: falv@southcn.com
If you find any error in this page, please drag your mouse to mark the text with error, then press "CTRL" and "ENTER", to inform us. Thanks for your help!
Home  |  About Us  |   Contact Us  |  Site Map  |  Chinese
©2005 WWW.NEWSGD.COM. All rights reserved.registered number 020074 Terms of Use | Advertise | ICP Certificate No.B2-20050252
Guangdong Gov Link
Guangdong Gov Brief
State Structure
Guangdong in Brief
Laws & Regulations
Exchange Rate
Guangdong Guide
   
Museum Museum
University University
Eat Eat
Shopping Duting
Night Life Night Life
Weather Weather
Phone No. Phone Num
Consulate Consulate
Airport Airport
Travel Tips Tours Tips