China’s foreign trade to top $4.8 trillion in 2015January 4th, 2012 - 9:48 pm ICT by IANS
Beijing, Jan 4 (IANS) China’s foreign trade will expand at an annual rate of 10 percent to reach $4.8 trillion by 2015, the commerce ministry said Wednesday.
The volume of China’s imports and exports stood at $2.97 trillion in 2010, reports Xinhua quoting official data.
The ministry predicted that retail sales will grow at an average annual rate of 15 percent to top 32 trillion yuan (about $5 trillion) by 2015.
Sales of production materials will grow 16 percent annually to top 76 trillion yuan by 2015.
The service trade will post a year-on-year growth rate of 11 percent to reach $600 billion by 2015, the ministry said.
It said China will place an emphasis on the development of e-commerce during the 2011-2015 period, targeting an annual growth rate of over 30 percent.
The ministry also said China will attract $120 billion in foreign investment annually, with foreign direct investment growing 17 percent annually to a total of $560 billion during the five-year span.
To facilitate the development of commerce, the ministry pledged a variety of improvements, including accelerating the creation of a modern circulation system and optimizing China’s foreign trade structure.
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Tags: annual growth rate, beijing, china, circulation system, commerce ministry, foreign direct investment, foreign investment, imports and exports, improvements, production materials, retail sales, span, trade structure, trillion, xinhua, yuan