Economy
Long way ahead for quasi-top exporter China
(Xinhua)
Updated: 2010-01-10 19:45
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Zhong Shan, vice-minister of commerce, agreed that China was not a strong trade power. "China should adjust the product structure and transform its growth pattern," he said.
In December 2009, China's imports hit record monthly high to reach US$112.3 billion, up 55.9 percent from the same period of 2008, according to the GAC.
The Fujian-based Industrial Securities said in a research note on Sunday that jump of December's imports resulted from strong domestic demand for commodities and mechanical equipment that were necessary in construction of infrastructure projects and property.
Imports of raw materials that were used in manufacturing trade also rose significantly, it said.
According to the GAC, China's imports of iron ore in 2009 rose 41.6 percent from a year earlier to 630 million tonnes, at an average price of US$79.9 per ton.
In 2009, the economy imported 200 million tons of crude oil, up 13.9 percent from 2008, at an average price of US$438 per ton.
The country's imports in 2009 stood at US$1.01 trillion, down 11.2 percent from a year earlier, said the GAC.
In total, China's foreign trade in 2009 dropped 13.9 percent from a year earlier to US$2.21 trillion and its trade surplus last year slid 34.2 percent year on year to US$196.1 billion.
According to the GAC, the European Union (EU) continued to be China's biggest trading partner in 2009, with two-way trade totaling US$364.1 billion, down 14.5 percent from a year earlier.
Trade between China and the United States, the country's second biggest trade partner, fell 10.6 percent to US$298.3 billion.
Japan remained China's No 3 trade partner with bilateral trade totaling US$228.9 billion, down 14.2 percent from 2008, according to the GAC.
