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The World Trade Organization (WTO), says China has become the world's third merchandise importer, after the United States and Gemany.
In its latest report released Monday, the WTO says China's imports expanded by a remarkable 40 percent in nominal dollar terms last year, leapfrogging three positions and currently ranks, for the first time, No.3 amongst the world's leading merchandise importers.
Meanwhile, China's exports expanded by 35 percent, representing unprecedented levels of expansion for a country with such substantial trade volume, to make it the world's fourth largest merchandise exporter.
The WTO report says with global GDP growth expected to reach 3.7 percent in 2004, world trade could expand by 7.5 percent this year, although there are a number of risks associated with these projections, including the possibility of slower than expected import growth in the United States and a faltering in demand recovery in Western Europe.
(CRI April 6, 2004)
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