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China's foreign trade to top $3 trillion this year: official

Source:   Time:

BEIJING, Oct. 28 (Xinhua) -- A senior Chinese official said Friday the country's foreign trade volume will surpass 3 trillion U.S. dollars this year, accounting for 10.5 percent of the world's total.

The country's trade surplus to GDP ratio is expected to fall below 3 percent this year from 7.5 percent in 2007, said Liu Mingkang, chief of the China Banking Regulatory Commission, at a financial forum.

This year marked the 10th anniversary of China's entry into the World Trade Organization (WTO), and the country has grown to become the world's largest exporter and second largest importer, Liu said.

He noted that China's strong imports growth has become an impetus driving the country's strategy of transforming its development pattern and supporting global economic recovery.

The country's trade volume expanded 24.6 percent year on year in the first nine months to 2.68 trillion U.S. dollars, according to statistics from China's General Administration of Customs. Growth of imports outpaced exports in the January-September period, up 26.7 percent and 22.7 percent, respectively.

At a separate conference, Vice Minister of Commerce Gao Hucheng also hailed China's economic development achievements since its entry into the WTO, adding that the country will deepen reforms and open wider to the outside world.

Gao said the country should continue to push forward the mutually beneficial opening-up strategy and "actively" participate in international economic and trade rule-making.

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