Business / Economy

Processing trade surged in past decades

By Li Jiabao ( Updated: 2012-08-21 14:33

China's processing trade totaled $1,305.21 billion in 2011, a surge compared with the $235 million trade value in 1979, said the General Administration of Customs.

High-tech products accounted for 44.9 percent of processing trade in 2011, compared with 26 percent in 2002.

Head of the customs Yu Guangzhou said that it is of crucial importance to transform and upgrade the domestic processing trade as global processing trade is facing the world's economic slowdown.

The government will urge processing trade companies to relocate from eastern regions to the undeveloped western regions and promote services trade as well as strategic emerging industries to re-balance processing trade.

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