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Foreign Trade Tops US$1 Trillion

The Chinese mainland's foreign trade passed the US$1 trillion mark through November, putting the nation on track to become the world's third-largest trading power this year, Ministry of Commerce spokesman Chong Quan said Thursday.

According to the General Administration of Customs, the mainland recorded trade worth US$1.0 trillion from January to November, with a surplus of US$20.8 billion.

Chong cited rapid economic growth and the recovering world economy as key factors that have pushed up China's foreign trade over the past decades. Reforms in the country's trading market, increasing foreign investment and the WTO entry have also contributed to blistering trade growth.

China was the world's fourth-largest trading power by the end of last year, behind only the United States, Germany and Japan.

Chong said that China has helped to buoy the increase in international trade, contributing 11.3 percent to its growth in 2003.

China's exports also benefit consumers in other countries.

The country's imports are also playing an increasingly important role in advancing the global economy and benefiting trading partners.

However, China is far from being a strong trading power, given its meager per-capita trade volume and the low overall competitiveness of its exports, Chong said.

(China Daily December 10, 2004)


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