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China's foreign trade to top US$3 trillion or 10% of world trade

A senior Chinese official said the country's foreign trade volume will surpass US$3 trillion this year, accounting for 10.5% of the world's total, according to ChinDaily.

The country's trade surplus to GDP ratio is expected to fall below 3% this year from 7.5% in 2007, Liu Mingkang, chief of the China Banking Regulatory Commission, was reported saying at a financial forum.

This year marked the 10th anniversary of China's entry into the World Trade Organisation (WTO), and the country has grown to become the world's largest exporter and second largest importer, Liu added.

He noted that China's strong imports growth has become an impetus driving the country's strategy of transforming its development pattern and supporting global economic recovery.

The country's trade volume expanded 24.6% year on year in the first nine months to $2.68 trillion, according to statistics from China's General Administration of Customs. Growth of imports outpaced exports in the January-September period, up 26.7% and 22.7%, respectively.

At a separate conference, Vice Minister of Commerce Gao Hucheng also hailed China's economic development achievements since its entry into the WTO, adding that the country will deepen reforms and open wider to the outside world.

Gao said the country should continue to push forward the mutually beneficial opening-up strategy and "actively" participate in international economic and trade rule-making. Source: ChinaDaily