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China's imports and exports volume is expected to hit US$1.7 trillion this year, up more than 20 percent over last year, said Fu Ziying, assistant minister of commerce on Sunday.

 

Fu told China Industrial Development Forum in Beijing that China's foreign trade has maintained rapid growth in the first nine months, with imports and exports volume reaching US$1.27 trillion, a year-on-year increase of 24.3 percent.

 

Meanwhile, exports totaled US$691.2 billion, up 26.5 percent from the same period last year, and imports reached US$581.4 billion, up 21.7 percent.

 

Fu said the country's foreign trade rose from the sixth to the third in world rankings in the past five years, with imports and exports volume growing at an average annual rate of 24.6 percent.

 

China has set the goal to keep foreign trade volume at US$2.3 trillion in 2010, with a balance between imports and exports. The growth rate will be maintained at 10 percent annually, according to the 11th Five-Year Plan of the Ministry of Commerce.

 

"China reported a robust growth in foreign trade in recent years, but only achieved meager profits due to low value added in export products", said Fu, adding that it is time to shift the growth mode from quantity-oriented to quality-oriented.

 

Fu encouraged Chinese enterprises to spend more on technological innovation and foster a number of internationally recognized brands, in order to increase the value added in export products.

 

China should also "moderately increase its imports", said Fu.

 

(Xinhua News Agency November 6, 2006)