A senior trade official said China’s domestic market will grow to US$2 trillion this year, state media reported. Chong Quan, deputy international trade representative of China, told an import-export forum that the scale of the domestic market would exceed the country’s exports by the end of 2010. China posted a trade surplus of US$89.93 billion in the first seven months of the year, down 21.2% year-on-year, indicating that the country’s continued economic growth is less dependent on exports. Chong said that Beijing will also take active steps to encourage imports of scarce resources, advanced technologies and core equipment. To do so, he said that the government will remove non-tariff trade measures, simplify import procedures and reduce importers’ costs.
Categories