China's foreign trade is expected to grow about 6 percent to US$540
billion in 2002, according to a report released Monday in Beijing
by the Chinese Academy of International Trade and Economic
Cooperation (CAITEC).
CAITEC, a research and advisory arm affiliated to the Ministry of
Foreign Trade and Economic Cooperation (MOFTEC), predicted that
China's exports would rise five percent while imports would
increase seven percent in 2002.
During the January-March period this year, China's trade volume
reached US$122.04 billion, a year-on-year growth of 7.7 percent,
with exports up 9.9 percent to US$64.66 billion and imports up 5.2
percent to US$57.38 billion, according to MOFTEC.
The report says machinery and electronics plus high-tech products
provided the main boost to foreign trade growth. The growth rate
for ordinary exports fell while processing trade rose steadily.
Coastal provinces like Zhejiang and Guangdong maintained their fast
growth in foreign trade while the growth rate for inland provinces
dropped.
In
contrast with exports to Japan and the European Union, China's
exports to the United States, the Association of Southeast Asian
Nations and the Republic of Korea as well as Hong Kong and Taiwan
grew faster than the average rate, according to CAITEC.
CAITEC President Zheng Zhihai said world and domestic conditions
for China's foreign trade had improved, coupled with the U.S.
economic recovery and the multilateral and unconditional
most-favored-nation treatment China enjoys in export after its
accession to the World Trade Organization.
Affected by the global economic downturn, the devaluation of the
Japanese yen and difficulties faced by the Chinese government in
managing trade, China's foreign trade growth would face obstacles,
Zheng said.
"If a robust world economic recovery comes, China's foreign trade
may grow faster than expected this year," he said.
(Xinhua News
Agency May 14, 2002)