China's foreign trade is expected to hit a record $1.1 trillion with an annual growth of about 30 per cent this year, ranking the nation as the world's third largest trader, the Chinese government said in Beijing on Friday.
The report, issued by the Department of Planning and Finance of the Ministry of Commerce and it's think-tank, the China Academy of International Trade and Economic Cooperation, said China would emerge as the third largest player engaged in foreign trade after the United States and Germany in 2004.
The report attributed the fast growth to macro-control measures instituted by the Chinese government, the strong development of Chinese economy, the recovering world economy and an improved trade system and policies.
It also predicted that the growth will slowdown in 2005 due to unstable world economic growth, increasing trade conflicts and new problems emerged in tax rebate.
For the first time China's foreign trade will exceed $1 trillion. In 2003, China's foreign trade was worth $850 billion.
