Nation retains No 1 global position

China retained its position as the world's largest trading nation in 2016, despite not hitting its target of 6 percent growth in foreign trade last year due to sluggish global demand and dropping commodity prices, the commerce minister said.

While figures released on Tuesday showed China's foreign trade volume reached $3.96 billion in 2015, down 8 percent year-on-year, its foreign trade in goods, export value and total online retail sales ranked first in the world. The country's total retail sales and trade in services also ranked second in the global market.

Commerce Minister Gao Hucheng said that despite double-digit negative growth in global trade last year, the decline in China's export growth rate was far lower than that of other major economies.