Vice Minister of Commerce Yu Guangzhou: Foreign Trade Law Expected to be Enacted in the First 6 Months

2004-03-24 15:13

Vice Minister of Commerce Yu Guangzhou said yesterday at China Development Form 2004 Annual Meeting, “Foreign Trade Law”will likely be enacted in the first half of this year if everything goes smoothly. The law is expected to strongly boost healthy and regulatory trade activities. He added, China’s surging economy and import have been pulling up world economy by leaps and bounds. He said, China’s import has been growing at average over 15% over the recent two decades. In the past two years, the growth rate of import was 21% and 40% respectively. Import growth outpaced that of export by 5.3% in 2003, and China’s import increase value reached US$ 117.6b, accounting for odd 1/3 of the global total. China will further its effort in keeping the equilibrium between import and export, promoting liberalization and facilitation in trade investment and opposing to trade protectionism in any form, he added. China will import advanced technologies and equipments, high-tech products, basic materials and competitive consumer products in large volume. Meanwhile, China will elevate the quality of exporting commodities and provide international markets with products of good quality and competitive price. He forecasts that the difference between import and export could approach US$ 1 trillion, thus further boosting world economy. (Information by Network Center of MOFCOM)