China's foreign trade expected to grow 30%
China's total foreign trade for 2004 is expected to jump 30 percent year-on-year to 1.1 trillion dollars, making it the world's third largest trading power, the Ministry of Commerce said.
In a research report published on its website, the ministry said that by year-end, China was expected to rank third in the world in both total foreign trade value and the value of its exports, up one place in both categories.
The value of China's imports will remain third in the world, unchanged from last year, it said.
China's imports and exports in the first 10 months rose 35.8 percent year-on-year to 926.47 billion dollars, the ministry said earlier this week.
The ministry attributed China's surging foreign trade to an improving domestic economy, the recovering world economy and tax rebates for foreign companies operating in China.
It forecast that China's foreign trade value would continue to grow in 2005 on brisk cross-border trade and continuing foreign direct investment, but also warned of uncertainties.
It said soaring oil prices, continuing unrest in the Middle East and uncertainty over the direction of the US economy cast shadows over the world economy.
And an increasing number of trade disputes between China and some trading partners could also damage foreign trade growth, it said.
Energy shortages, rising raw material prices and insufficient domestic transport capacity will all also restrain foreign trade growth, it said.