China's total volume of imports and exports is expected to reach US$600 billion this year, said Shi Guangsheng, minister of foreign trade and economic cooperation, Tuesday.
China performed well in foreign trade and foreign investment during the first nine months of this year, despite the slowdown in global economic growth, Shi said.
According to customs statistics, the total foreign trade volume was US$445.135 billion during the period, an increase of 18.3 percent compared with the same period last year.
Imports stood at US$212.572 billion, a year-on-year increase of 17.2 percent, while exports reached US$232.564 billion, up 19.4 percent. The trade surplus was US$19.992 billion, 49.4 percent more than for the same period last year.
With a better investment environment, the country has attracted more foreign investment following its entry into the World Trade Organization.
During the first nine months this year, China approved the setting up of 24,771 foreign-funded firms, up 33.36 percent year-on-year, involving a contractual investment volume of US$68.375 billion, a 38.38 percent increase.
The actual used foreign investment during the period totaled US$39.556 billion, up 22.55 percent from the same period last year.
By the end of September, China had approved 414,796 foreign-invested enterprises. The contractual overseas investment involved reached US$813.667 billion, of which US$434.78 billion had been realized.
Shi attributed the good results to China's own efforts and a better world economic environment this year.
"The stable, rapid and healthy development of domestic economy provided an important base for expanding exports,'' said Shi. Gross domestic product (GDP) had a 7.8 percent increase during the first half of this year.
The readjustment of industrial structure and government policies related to foreign trade, which complied with both China's situation and WTO rules were also helpful in developing an export-orientated economy, said Shi.
Adding that the positive influences of China's WTO membership also contributed to the healthy performance of the country's foreign trade and investment.
The WTO membership helped increase outside investment confidence towards China, and a more open world market provided Chinese enterprises with huge opportunities, Shi told reporters at the ongoing 92nd China Export Commodities Fair which began Tuesday in South China's Guangdong Province.
The fair has been held each year in April and October since 1957 and is organized by the China Foreign Trade Center, and in the past has usually comprised one-third of China's exports, other than the processing trade.
Zhou Keren, vice-minister of the Ministry of Foreign Trade and Economic Cooperation (MOFTEC), hopes that the 92nd session of the fair will produce a good trading result, which is key to the export growth of this year's fourth quarter and that of next year.
(Xinhua News Agency October 16, 2002)
