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 | Friday, April 28, 2000, updated at 09:13(GMT+8) | ||||||||||||
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Sci-Edu | ||||||||||||
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Technological Goods for Overseas Market Expected to Grow 20% AnnuallyChina plans to foster a group of enterprises capable of producing more competitive, value-added hi-tech commodities for overseas markets.Xu Fuxing, director of the Science and Technology Bureau under the Chinese Ministry of Foreign Trade and Economic Co-operation (MOFTEC), said by doing so the country's export of high-tech commodities is expected to grow 20 per cent annually. Xu was in this southern city of Guangzhou, capital of Guangdong Province, to attend the 12-day 87th Chinese Export Commodities Fair which concluded on Wednesday. Efforts should be made to raise the exports of high-tech commodities up to US$30 billion this year, with its proportion in the country's total foreign trade raised from 11 per cent in 1998 to 15 per cent, said Xu. By the year of 2010, the exports of high-tech commodities will hit US$120 billion, and there will be a shift in the mix of China's export commodities by then. China's high-tech commodity exports totaled US$24.7 billion last year, US$4.6 billion more than in 1998. The country's determination to vigorously develop its high-tech sector is best illustrated at the 87th Chinese Export Commodities Fair, which opened on April 15. More than one-fifth of the business pavilions in the fair were given to machinery and electronic products which feature high technologies. And transactions of machinery and electronic commodities were very brisk. At the fair, trading of traditional export items, including textiles, ceramics, arts and crafts, was also active because of improved product quality. Steven Metayer with Asia Sourcing for General Electric's Aircraft Engines, a frequent visitor to the Chinese Export Commodities Fair, said Chinese commodities, with richer varieties, are getting better in quality. GE purchases more than US$500 million worth of commodities from China each year. It hopes to increase the spending by US$300 million, he said.
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