China trade to reach US$1.1 trillion in 2004 (Xinhua) Updated: 2004-10-26 00:41
China's total trade volume will reach 1.1 trillion US dollars in 2004 -- up
30 percent over 2003 -- with a trade surplus of about 10 billion US dollars,
said Assistant Minister of Commerce Yi Xiaozhun.
China still faces difficult challenges in its efforts to maintain the
sustainable development of foreign trade, mainly due to ever-changing
international environment and lingering in-depth problems with its foreign
trade, Yi said Sunday while addressing a conference on the promotion of exports
from private companies.
The most eminent problem next year will be trade friction in textiles
exports following the unification of the global textile market, Yi noted.
According to its agreement with the World Trade Organization, China's
passive quota of textiles will be abolished on Jan. 1, 2005. Strong competition
from China's textile industry has aroused concern from both developing and
developed nations. The United States and the European Union have repeatedly
asked China to slow down its soaring textile industry.
Extensive growth is another major hindrance to the sound growth of
China's foreign trade, Yi acknowledged, as is the lack of its own brands and
intellectual property, especially the intellectual property of core technology.
Intellectual property shortage has already caused lower prices in some
Chinese products. Figures released by the National Bureau of Statistics show
that China's export volume of color TVs rose 36. 1 percent year to year in
January - September period, while the price dropped 5.1 percent.
Export prices for ships, carpets, shoes and other goods also saw
declines to varying degrees along with increased export volume.
Moreover, the soaring prices of energy and raw materials plus the
tight-supply of coal, electricity and oil, will also weaken China's competitive
advantages in exports, Yi said.
