A senior Chinese official yesterday said the country's foreign trade volume will surpass US$3 trillion 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, Liu Mingkang, chairman of the China Banking Regulatory Commission, told a financial forum in Beijing.

This year marked the 10th anniversary of China's entry into the World Trade Organization, and the country has grown to become the world's largest exporter and second-largest importer, Liu said, adding that China's strong imports growth has become an impetus driving the country's strategy of transforming its development pattern and supporting global recovery.

The country's trade volume expanded 24.6 percent year on year in the first nine months of this year to US$2.68 trillion, according to the 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 achievements since its entry into the WTO, adding that the country will deepen reforms.