China's exports volume this year is expected to grow 23 percent on last year to reach US$240 billion, according to an official report released by the Ministry of Foreign Trade and Economic Cooperation (MOFTEC) in Beijing Thursday.
Jointly complied by a group of foreign trade experts from the Academy of International Trade and Economic Cooperation and the MOFTEC, the "China's Foreign Trade Report" says that the country's overall foreign trade volume will hit US$455 billion this year, up 26 percent from last year.
Figures from the General Administration of Customs show that China's overall foreign trade volume totaled US$387 billion from January to October, up 35 percent from the same period last year. That amount has already surpassed last year's total of US$360.6 billion.
The report based its prediction on a growing world economy, a strong demand from international markets, and rising prices. Domestically, China maintains an encouraging policy for exports, a growing national economy and a policy of opening wider to the outside world.
The report says although there are favorable factors for further growth of China's exports, unfavorable factors like the uncertainty of world economic growth and growing protectionism in international trade will hinder the continuous growth of China's exports.
The report, therefore, predicts that China's overall foreign trade will likely grow 8 percent in 2001.