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Rapid Growth of Trade in Goods and Shrinking Deficit in Trade in Services
On Nov. 27, Vice Minister of Commerce Zhang Zhigang pointed out at the first China Commercial Development Forum held in Beijing that China was entering a cavalcade of trading giants with steady strides as its foreign trade was growing rapidly.
From January to October, China’s total trade volume amounted to US$926.5 billion, up by 35.8% compared with the same period of last year. That means the trade figure will soon break a new record of US$1 trillion on the basis of years of rapid growth. It is expected that China may upgrade its rank to No. 3 in the world in terms of foreign trade volume. Particularly in the first half of this year, China’s service export picked up to some extent resulting in a reduced deficit in trade in services, which was a reverse of the trend of continuous rising deficit in trade in services in recent years. It was an indication that China’s international competitiveness in this area has been enhanced.
Mr. Zhang Zhigang said that in spite of the outstanding achievements in foreign trade, China still accounted for a modest proportion in total global trade, which was only 5.5% in 2003. He summarized China’s main problems in the foreign trade sector as the follows:
1, Low quality and efficiency in export. There is no fundamental change to the situation of seeking for export expansion through large quantity of low-priced exports. There exists severe insufficiency of exports with China’s own brand names.
2, More serious trade frictions. In the first 3 quarters of 2004, altogether 13 countries and regions launched 46 anti-dumping, countervailing, safeguard and special safeguard investigations against China involving a value of US$1.11 billion.
3, Some new problems in the implementation of tax rebate system reform measures.
The 2-day China Commercial Development Forum was sponsored by the International Trade and Economic Cooperation Research Institute of MOFCOM with the theme of China's Commercial Development—Coordination, Opening up and Development. The Forum featured special reports and discussions on such issues as regional economic cooperation and economic globalization, “inviting in" and "going global" and China's reform and opening up endeavor, analysis and prediction of China's macro economic development, integration of domestic and foreign trade, and the distribution industry reform.
(Information by Network Center of MOFCOM)
