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China's foreign trade is expected to grow about six percent to US$540 billion in 2002, according to a report released Monday in Beijing by the Chinese Academy of International Trade and Economic Cooperation (CAITEC).
China's foreign trade is expected to grow about six percent to US$540 billion in 2002, according to a report released Monday in Beijing by the Chinese Academy of International Trade and Economic Cooperation (CAITEC).
CAITEC, a research and advisory arm affiliated to the Ministry of Foreign Trade and Economic Cooperation (MOFTEC), predicted that China's exports would rise five percent while imports would increase seven percent in 2002.
During the January-March period this year, China's trade volume reached 122.04 billion U.S. dollars, a year-on-year growth of 7.7 percent, with exports up 9.9 percent to 64.66 billion U.S. dollars and imports up 5.2 percent to 57.38 billion U.S. dollars, according to MOFTEC.
The report says machinery and electronics plus high-tech products provided the main boost to foreign trade growth. The growth rate for ordinary exports fell while processing trade rose steadily.
Coastal provinces like Zhejiang and Guangdong maintained their fast growth in foreign trade while the growth rate for inland provinces dropped.
In contrast with exports to Japan and the European Union, China's exports to the United States, the Association of Southeast Asian Nations and the Republic of Korea as well as Hong Kong and Taiwan grew faster than the average rate, according to CAITEC.
CAITEC President Zheng Zhihai said world and domestic conditions for China's foreign trade had improved, coupled with the U.S. economic recovery and the multilateral and unconditional most-favored-nation treatment China enjoys in export after its accession to the World Trade Organization.
Affected by the global economic downturn, the devaluation of the Japanese yen and difficulties faced by the Chinese government in managing trade, China's foreign trade growth would face obstacles, Zheng said.
"If a robust world economic recovery comes, China's foreign trade may grow faster than expected this year," he said.
(Xinhua News Agency May 14, 2002)
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