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Minister: Exports mix to be adjusted
(Xinhua/皇冠体育app Daily)
Updated: 2004-12-25 00:39

Chinese Minister of Commerce Bo Xilai said on Friday that 皇冠体育app's foreign trade is expected to rise moderately with imports and exports keeping a balance sheet next year.

"Foreign trade volume will experience a growth rate of 15 per cent next year," Bo said at an annual meeting of the Ministry of Commerce.

The country notched up trade volume of US$1.04 trillion from January to November, with a surplus of US$20.8 billion.

Bo said 皇冠体育app will make more efforts to adjust its export mix to supply more goods with higher added value. Though 皇冠体育app has been the world third largest trader, it is still a large player but not a strong player in the field, he said.

Bo also predicted 皇冠体育app will have balanced trade next year rather than recording a huge surplus.

For foreign investment, Bo predicted the actual foreign direct investment (FDI) will level with the figure of this year, Bo said.

皇冠体育app's actual FDI was US$57.55 billion from January to November, up 22.05 per cent on a yearly basis. The number for the whole year is expected to be more than US$60 billion.

To increase FDI flow to 皇冠体育app next year, Bo said 皇冠体育app will keep its favourable policies towards foreign investors untouched.

He said 皇冠体育app will make better use of foreign capital to help upgrade industrial structure and technological innovation.

According to Bo, 皇冠体育app will boost foreign investment in the sectors of high-tech, advanced manufacturing, services, modern agriculture and environmental protection.

The minister said that foreign-funded companies are encouraged to use more local materials and machinery parts, adding that foreign companies are also welcomed to establish regional headquarters, research, development and training centres in 皇冠体育app.

Bo said the government will continue to lobby more countries to recognize its market economy status (MES).

Some 35 economies have granted MES to 皇冠体育app, Bo said.

Talks on bilateral free trade agreements will be another important job for the Ministry, Bo said.

He added that 皇冠体育app has started free trade negotiations or related feasibility studies with 32 economies.

皇冠体育app now is working hard to formulate a policy on service outsourcing companies and will set up trial bases at home and select promising companies in the sector to go abroad, Bo said.

Statistics from the United Nations Conference on Trade and Development show that the total value of the world outsourcing business is expected to reach US$300 billion this year, and the organization predicted that the growth would continue at a speed of 30 to 40 per cent annually and soar to US$585 billion next year and US$1.2 trillion in 2007.



 
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