Private Sector in S. China Sees Dramatic Growth in Foreign Trade

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Last updated at: (Beijing Time) Monday, August 18, 2003

Private Sector in S. China Sees Dramatic Growth in Foreign Trade

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The private sector in Guangdong province, south China, reported year-on-year growth of 170 percent in foreign trade during the first seven months of this year to 10.74 billion US dollars, customs figures showed.

The figure, including 5.11 billion US dollars in exports and 5.62 billion US dollars in imports, represents 7.2 percent of the province's total for the seven month period, or up 3.8 percentage points over last year.

Guangdong, which borders Hong Kong, has become China's No. 1 economic giant as it absorbed huge investment from Hong Kong and other parts of the world during the past two decades.

The private sector in the province, a major foreign trade player, has recorded rapid growth in foreign trade during the past15 years since 1998, when its foreign trade totaled 63.41 million US dollars, merely about 0.05 percent of the province's total.

More than 3,640 private firms in the province had engaged in foreign trade by the end of 2002, up 27.7 fold over 1998.

The number of China's foreign trade companies has grown rapidly during the past several years as the country eased the licensing restrictions on foreign trade companies.

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