A senior Chinese official said on Oct 28 that the country's foreign trade volume will surpass $3 trillion this year, accounting for 10.5 percent of the world's total.

This year marked the 10th anniversary of China's entry to the World Trade Organization, and the country has become the world's largest exporter and second largest importer, said Liu Mingkang, chief of China Banking Regulatory Commission, at a financial forum.

The country's ratio of trade surplus to its GDP is expected to fall to lower than 3 percent this year from 7.5 percent in 2007, Liu said.