China to be the world's 2nd largest trade power
China to be the world's 2nd largest trade power
Agence France-Presse, Beijing
China will become the world's second largest trading power
within the next few years behind the United States if it keeps up
its current rapid growth, a top Chinese official was quoted as
saying Wednesday.
The China Business Times cited Shan Qingjiang, director of the
science and technology department in the Ministry of Foreign
Trade and Economic Cooperation, as making the prediction at a
trade conference this week.
Shan noted that in 1989 China ranked 15th in world trade, but
by last year had become the globe's sixth largest importer and
exporter.
Foreign trade in the world's most populous market had been
growing at a much higher rate than the world average for the past
12 years, Shan said.
China already ranks as the number one exporter of many labor
intensive products such as garments, shoes, clocks and bicycles,
the report said.
According to figures compiled by Beijing last year, every
person in the world owns at least one pair of shoes and 2.8 items
of clothing made in China, it added.
Beginning last year, China has also witnessed rapid growth in
exports of higher-end products such as the mobile phone handsets,
computer monitors and air conditioners, it said.
Shan attributed the trade growth to China being a safe and
cheap production base, with low-cost labor, improving technology
and a stable political situation.
As well as labor-intensive industries technology and capital-
intensive industries are also moving to China, especially in
south and east China's Yangtze River and Pearl River deltas, he
said.
China's total trade volume for 2002 is expected to hit 600
billion dollars, as against the US$509.8 billion for the past
year, according to official predictions.
Exports in the first nine months of the year rose 19.4 percent
year-on-year while imports rose 17.2 percent, giving a trade
surplus up 49.4 percent year-on-year to $20 billion.
China's economy grew 7.9 percent in the first nine months of
2002 and is expected by officials to grow by 7.8 percent for the
whole year.