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China issues first white paper on foreign trade

BEIJING, Dec. 7 (Xinhua) -- China on Wednesday issued its first white paper on foreign trade, which highlighted its achievements in boosting foreign trade.

The paper was issued by the Information Office of the State Council on the occasion of the 10th anniversary of China's World Trade Organization (WTO) accession.

"The past decade has witnessed the proportion of China's trade volume in the world's total rise from 4.3 percent to 10.4 percent," said Chong Quan, deputy representative for China's international trade talks and former assistant to the minister of commerce, at a press conference on Wednesday.

The total value of China's imports and exports reached 2.97 trillion U.S. dollars in 2010, 144 times as much as in 1978 when the country initiated its reform and opening up policy, averaging an annual growth of 16.8 percent, according to the white paper.

Chong said the country's imports would reach 8 trillion U.S. dollars in the next five years according to estimates of the Ministry of Commerce (MOC).

The fast growing foreign trade has not only bolstered China's economic growth but also contributed to the world economy. In the past decade, China's gross domestic product rose to the second largest in the world with an average annual growth of 11 percent, said Chong.

Meanwhile, the country's imports averaged 750 billion U.S. dollars annually during the past 10 years, creating more than 14 million jobs for its trading partners, he said, adding that the country had made prominent contributions to the global economic recovery.

In addition, he pointed out that China has been the largest export market for least developed countries since 2008.

The white paper said that by July 2010 China had granted zero-tariff treatment on over 4,700 commodities from 36 least developed countries that have diplomatic ties with China. The zero-tariff commodities accounted for 60 percent of the total imports from those countries.

Full Text: China's Foreign Trade

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