The strategy could help rein in over-investment, ease pressure on the renminbi and dissuade foreign anti-dumping lawsuits which result from the mammoth trade surplus, industry officials say.
In the five years since China's accession to the WTO, the country's foreign trade has grown at an average annual rate of more than 30 per cent.
In the first six months of 2006 foreign trade reached US$795.7 billion, up 23.4 per cent year on year. China chalked up a trade surplus of US$61.5 billion in the first half of this year, up 54.9 per cent year on year, according to statistics from the General Administration of Customs.
On this basis, China's trade surplus is set to exceed US$100 billion this year, industry officials say.
In the first half of this year, foreign-invested, export-oriented processing firms generated total foreign trade of US$465.3 billion, up 25.8 per cent on the same period last year, and accounting for 58.5 per cent of China's total.
Ministry of Commerce of the People's Republic of China
marketing@alchempro.com
