China's import bill to touch $1.4 tn by 2005

Ulhas Joglekar uvj at vsnl.com
Wed Jun 20 08:40:19 MDT 2001


Monday
11 June 2001

China's import bill to touch $1.4 tn by 2005
BEIJING: Fuelled by a 7 per cent annual economic growth rate, China's import
bill would touch $1.4 trillion by 2005, providing immense opportunity for
the world to trade with the Communist giant, a senior trade official has
said.
Painting a rosy picture of the Chinese economy, foreign trade minister Shi
Guangsheng estimated that Beijing's import of equipment, technologies and
products in the period 2001 to 2005 would add up to about $1.4 trillion.
Speaking on Saturday at an on-going CEO forum of the second APEC investment
mart in Yantai city in east China's Shandong province, Shi predicted that
China's economy would grow at 7 per cent annually, and that by 2005, the
country's gross domestic product (GDP) is expected to reach $12.5 trillion.
"China's development will for sure provide immense opportunities for the
business circles of all the countries in the world," he was quoted as saying
by the Xinhua news agency.
China was ranked the seventh largest economic power in the world in 2000
with a GDP exceeding $1 trillion. It became the world's seventh largest
trader with its trade volume touching $474.3 billion.
Shi said that China would remain one of the world's most attractive regions
for overseas investment and said China has remained the largest recipient of
overseas investment among the developing nations for eight consecutive
years.
To attract more foreign investment, China will open more sectors, including
the services sector - banking, insurance, telecommunications, trade and
tourism - he said.
Also to be opened for foreign investment were the central and western
regions of the country, the minister said.
China, whose entry into the World Trade Organisation (WTO) is almost certain
following an agreement with the US on multilateral trade, had simplified
foreign economic laws and made necessary revisions and supplements to
conform to WTO rules and the socialist market economy, he said.
Shi stressed China's rapid economic growth and political stability have
created preconditions for attracting more overseas investment to the
country. (PTI)
 For reprint rights:Times Syndication Service






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