China's foreign trade will expand at an annual rate of 10 percent to reach $4.8 trillion by 2015, the Ministry of Commerce said on Wednesday.

The full-year volume of China's imports and exports stood at $2.97 trillion in 2010, according to official data.

The ministry also predicted that retail sales will grow at an average annual rate of 15 percent to top 32 trillion yuan (about $5.1 trillion) by 2015, while sales of production materials will grow 16 percent annually to top 76 trillion yuan by 2015, according to the ministry.

The service trade will post a year-on-year growth rate of 11 percent to reach $600 billion by 2015, the ministry said.

The ministry said China will place an emphasis on the development of e-commerce during the 2011-2015 period, targeting an annual growth rate of over 30 percent.

The ministry also said China will attract $120 billion in foreign investment annually, with foreign direct investment growing 17 percent annually to a total of $560 billion during the five-year span.

To facilitate the development of commerce, the ministry pledged a variety of improvements, including accelerating the creation of a modern circulation system and optimizing China's foreign trade structure.