| Last Updated(Beijing Time):2006-04-27 11:20 |
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China's total imports and exports are expected to exceed US$1.6 trillion this year, an increase of 15 percent, according to China's Foreign Trade Report released by the Ministry of Commerce yesterday.
In the first quarter of this year, imports and exports topped US$371.3 billion, an increase of 25.8 percent from the same period last year, the report said.
China has increased exports of electronics and high-tech products while reducing products that consume high levels of energy and those that cause pollution, the report said.
Last week, Chang Xiaocun, head of the science and technology division with the Ministry of Commerce, said China has increased imports and exports of high-tech products by 20 percent this year.
"China is facing three major problems with its foreign trade: unbalanced trade; increased interest rates in world economies; and surging prices of oil and other resources," said Liu Haiquan, an official from the Ministry of Commerce.
He emphasized the surging trade surplus was one of the escalating tensions between China and the United States.
Even though the growth of exports was 1.8 percent faster than that of imports, export growth was slower in the first quarter of this year, bringing China a trade surplus of US$23.31 billion.
Increasing domestic investment and domestic demand will raise the imports of energy sources, raw materials and machinery, the report said. |
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