The China Thread

BEIJING (AFX-ASIA) - China's foreign trade is expected to top 840 bln usd
this year, up 35 pct from 2002 and making the nation the world's fourth biggest
trader, the China News Service quoted vice trade minister Yu Guangzhou as
saying.
It quoted Yu as saying that China's exports this year will top 430 bln usd,
while imports are seen at about 410 bln usd.
Yu, speaking at a nationwide trade meeting, said China's dynamic trade
performance is based on the country's fast-paced economic growth, a domestic
market with a large potential and a cheap labor force that is becoming stronger
and more skilled.
Adjustments in global demand and supply are also benefiting China, while
China is also importing more goods to feed a growing domestic consumer market,
he said.
China's entry into the World Trade Organization has also boosted trade as it
resulted in China's import tariffs falling and non-tariff measures being
removed, he added.
China's economy is expected to grow by 8.5 pct this year.
By becoming the world's fourth largest trading nation, China will overtake
France, leaving it behind only the US, Japan and Germany.
Yu's comments marked the second time this month that a vice minister of
trade predicted that China would become the world's fourth largest trading
nation this year.
However, China's figures appeared to be a narrower tabulation of numbers and
do not include trade in services.
Yu also said that actual foreign direct investment (FDI) into China during
the first 11 months of the year reached 47.2 bln usd, while FDI for the entire
year is expected to be about equal to last year's 52.7 bln usd.
China's total exports in the first 11 months were valued at 390 bln usd, up
32.9 pct year-on-year, while imports rose 39.1 pct to 370.6 bln usd, the General
Administration of Customs reported earlier this month.
According to figures from the World Trade Organization (WTO), China was the
world's fifth largest merchandise exporter in 2002 with 325.6 bln usd.
That put it right behind France, with 331.8 bln usd, and well ahead of
Britain, with 279.6 bln usd