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China's 2011 foreign trade to grow by 20 pct, trade surplus narrows

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BEIJING, Jan. 5 (Xinhua) -- China's foreign trade last year is expected to grow by 20 percent to 3.6 trillion U.S. dollars, while its trade surplus will continue to narrow to around 160 billion U.S. dollars, Commerce Minister Chen Deming said here Thursday.

The total trade surplus is likely to account for about 2 percent of the country's gross domestic product (GDP) last year, compared to 183.1 billion U.S. dollars in 2010, which accounted for 3.1 percent of GDP that year, Chen said.

China maintained a stable and balanced development in foreign trade in 2011, with more favorable policies and credit to support exports and boost the expansion of imports, said Chen at a national conference on commerce.

The country has also accelerated adjustments in the foreign trade structure and the transfer of processing trade to the central and western regions in the past year, he said.

Chen also noted that China's domestic consumption witnessed rapid growth in 2011, which is likely to surge 17 percent to 18 trillion yuan(2.83 trillion U.S.dollars).

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