China aims to increase its annual foreign trade volume to US$650
billion by 2005, the last year of the country's 10th Five-Year
Plan (2001-05), Minister of Foreign Trade and Economic Cooperation
Shi Guangsheng said yesterday.
Shi was speaking
on the first day of a national working conference on foreign
trade and economic co-operation, which will end tomorrow.
He called for trade
officials to help increase China's machinery and electronics
exports to US$160 billion and high-tech products to US$60
billion by 2005, accounting for 50 percent and 20 percent
of the country's total exports respectively.
In the first 11
months of this year, China made US$430.92 billion in foreign
trade meaning it has already achieved its Ninth Five-Year
Plan (1996-2000) foreign trade goal of US$400 billion for
this year.
Shi estimated China's
foreign trade volume will reach US$470 billion for the whole
year and said the amount of actually used direct foreign investment
is expected to stop declining.
China's actually
used direct foreign investment dropped 2.3 percent from last
year in the January-November period but contracted direct
foreign investment has come out of the shadow of the 1997
Southeast Asian financial turmoil, increasing 36.3 percent
year-on-year in the same period.
For 2001, Shi said
officials must work hard to ensure that foreign trade will
increase 8 percent year-on-year.
He said officials
must stick to the export-promoting policies that the government
has begun to take in the last two years.
They must help
Chinese exporters to diversify their overseas markets, continue
to encourage general trade and improve the quality of products,
said Shi.
The exporting of
machinery and electronic products is expected to increase
by 15 per cent to US$120 billion and that of high-tech products,
to US$41.5 billion next year, he said.
He suggested some
national high-tech development zones in Shanghai and Beijing
be chosen as experimental spots to promote high-tech exports.
And the government will continue to support the exporting
of name-brand machinery and electronic products.
He also expects
China's actually used amount of direct foreign investment
to maintain this year's level next year.
While continuing
to encourage foreign companies to invest in high-tech industry,
China's central and western areas and small and medium-sized
enterprises, and help reform State-owned companies, the central
government is also exploring new ways of using foreign investment.
This includes venture
capital and Sino-foreign joint venture investment funds, said
Shi.
Shi said next year
trade officials must pay more attention to the problems of
export tax rebate cheats and smuggling. He added it is important
to encourage Chinese companies to invest overseas.
The electronics
business is also an important means of expanding trade and
officials must make full use of the Internet when managing
China's foreign trade and economic cooperation, said Shi.
(China Daily 12/27/2000)
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