The Shanghai Stock Exchange newspaper has reported that, according to the latest estimates from China Customs Bureau, the value of China's foreign trade will reach a record US$1758 billion. Foreign trade has grown by more that US1200 billion since China entered the WTO, when the value of foreign trade was just US$509.6 billion.

In 2002, the total value of China's foreign trade grew by more than US$110 billion, or 21.8 percent. The increase was over US$200 billion in 2003 and has been over US$300 billion every year since. Between 2001 and 2003, China went from being the world's sixth largest trading power to its third largest behind the US and Germany. The proportionate value of China's foreign trade on a world scale has increased from 3.9 percent in 2001 to above 7.5 percent in 2006.

Bo Xilai, the minister of Ministry of Commerce, said that in the five years since China joined the WTO, the country has been continually working to optimize the structure of export products and enterprises their core competitiveness. The enormous growth in China's foreign trade is based on the improvement of national industry. Manufactured goods now make up 94 percent of the total volume of exported goods, and mechanical and electrical products 56 percent. The percentage of new, high technology products has increased from 17.5 percent in 2001 to 28 percent. This reflects the progress Chinese industries have made in the last five years.

China has reduced import tariffs several times since its accession to the WTO, expanded the opening of the domestic market and promoted the growth of imports. China's import trade was valued at US$243.5 billion in 2001 and is expected to reach US$795 billion this year. The huge volume of imports has expanded overseas employment opportunities and promoted the economic development of these countries, thereby contributing to world economic development.

By People's Daily Online