China expects brisk foreign trade in 2005
(Xinhua)
Updated: 2005-03-07 15:45

China's foreign trade is projected to increase by 15 percent in 2005, with imports basically equaling exports, says a report on national economic and social development plan.

"The global economy and global trade are set to keep growing in 2005. Moreover, China has now lifted all controls over the right to engage in foreign trade. This should inject new vitality into China's exports and increase export volume," says the report.

The report on the implementation of the 2004 plan for national economic and social development and on the 2005 draft plan for national economic and social development was submitted Saturday for approval to lawmakers attending the ongoing session of the National People's Congress, the top legislature.

It says the domestic economy will keep growing rapidly, so demand for imports should also continue to expand.

"The combined volume of imports and exports should continue to increase rapidly this year but there are quite a few factors that could prevent the volume from growing as rapidly as last year," the report says.

The main ones are stubbornly high international oil prices and rising prices for means of production, both of which increase production costs for enterprises, it says, adding that the export volume has grown considerably in recent years to a very high level, and international trade friction is intensifying.

"Setting the target at 15 percent should help push enterprises to accelerate change in the pattern of their foreign trade growth, improve their import and export mix, and raise the quality and level of their foreign trade growth," says the report.

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