China to import US$1,000b of goods, services in 3 years

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Last updated at: (Beijing Time) Thursday, September 25, 2003

China to import US$1,000b of goods, services in 3 years

China will import some 1,000 billion US dollars of goods and services in the coming three years and the import market will expand much wider, a senior Chinese trade official said Thursday morning.

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China will import some 1,000 billion US dollars of goods and services in the coming three years and the import market will expand much wider, a senior Chinese trade official said Thursday morning.

Wei Jianguo, vice minister of commerce, gave the forecast at the third session on Pan-Yellow Sea economic and technical exchange between China, Japan and the Republic of Korea (ROK), held in Weihai city, east China's Shandong Province.

"China will open its market and industries much wider to the outside world step by step according to its commitment to the World Trade Organization," Wei said, adding that China's process to cut tariffs and gradually lift non-tariff barriers was going "smoothly".

He said China would continue to keep stable its policies on attracting foreign investment and create a much better environment for overseas investors.

Wei said, however, that imbalance still exists in China's trade with Japan and the ROK, from which China's annual imports far exceed its exports.

He urged the three countries to establish a "reasonable" flow of resources and products, saying the transfer of technology in high-tech industries to China by Japanese and Korean companies would help to expand multilateral trade in a "more balanced way".

"Closer economic and trade cooperation between us will benefit Japan and the ROK first," he said.

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