China Sets Foreign Trade Goal Over Next Decade

(Xinhua)

A research report of China’s foreign trade sector Sunday predicted the world’s largest exporter would more than double its foreign trade volume by 2020. It also called on China to improve the quality of foreign trade sector and to lower import tariffs to promote the nation’s trade balance.

The report, launched by the Ministry of Commerce (MOC) Sunday at the ongoing 107th China Import and Export Fair, the country’s largest trade fair held in the southern city of Guangzhou, predicted the China’s foreign trade volume would hit 5.3 trillion U.S. dollars by 2020.

Merchandise exports will top other countries and be 2.4 trillion U.S. dollars in 2020, 10.1% of the world total, while imports will reach 1.9 trillion U.S. dollars and rank second largest, accounting for 8.2% of the world total, according to the report, jointly compiled by researchers with think-tanks under the MOC, the Ministry of Finance, and the Chinese Academy of Social Sciences. The report was seen by analysts and officials as a “road map” which lays out a theoretical basis for the reforms in China’s trade policies and mechanisms over the next decade. Read more here.