China’s imports set to double
November 11th, 2011 - 6:45 pm ICT by IANSGeneva, Nov 11 (IANS) China’s imports are likely to be more than double in the coming five years, exceeding $8 trillion.
Yi Xiaozhun, China’s permanent representative to the World Trade Organisation (WTO) revealed it Thursday in an open forum held at the WTO headquarters, Xinhua reported.
In the recent years, China has enhanced its efforts to increase its imports, which proved to be a significant driving force for global economic growth, the report added.
Yi said that China’s imports have increased by 4.7 times over the past decade, which he said “not only diversified China’s domestic consumption but also created enormous job opportunities for other countries.”
China’s imports from the Least Developed Countries (LDCs) increased by 24 percent annually between 2000 and 2009. Since 2008, China has become the largest export destination of the LDCs, absorbing roughly 23 percent of their total exports, said Yi.
The open forum, jointly launched by the International Trade Center (ITC) and the WTO, discussed “China’s role in the new global order.”
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Tags: china, decade, domestic consumption, driving force, enormous job, export destination, geneva, global economic growth, international trade center, itc, job opportunities, least developed countries, open forum, trillion, world trade organisation, world trade organisation wto, xinhua