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Chinese overseas trade can touch $5tr by 2015
13
Jan '12
Recently, Vice-Minister of the Ministry of Commerce - Zhong Shan cited the latest data of trade structure, saying that China's foreign trade shows over-reliance on traditional markets of developed countries and also the eastern coastal belt of China.

He believes, changing this structural imbalance, will not only help avoid export problems caused by US-European debt crisis in the short term, but will also catapult China from a big trading country into a trading power in the long term.

"In 2011, China's top five foreign trade markets, such as Europe, America, Japan, Hong Kong, Korea, accounted for 53.7 percent of China's total import and export value, while developing countries accounted for 31 percent of China's imports and exports.

Within the country, the eastern coastal region made up for around 90 percent of the overseas Chinese trade in 2011. This imbalance also needs to be addressed, he said.

He said the Commerce Ministry will join hands with China Council for the Promotion of International Trade (CCPIT) to increase current market share in new 30 countries to be targeted by three percentage points by 2015.

He added, "Three percent will be an incredible figure, considering that China's current foreign trade stands at US $3.64 trillion, it will be $5 trillion by then."

Zhongshan took India for example. He explained by saying, “India with a population of 1.3 billion has a bilateral trade volume of $70 billion with China, which is less than the Chinese trade volume with Singapore which is around $100 billion and also less than China's trade with a small Nordic country – Netherlands”.

“So, there is huge potential for development in bilateral trade with India. In addition, the Arab countries are also likely to become China's strategic focus”, he concluded by saying.

Fibre2fashion News Desk - China

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