| Foreign
trade plays important role in Chinese economy: minister (11/13/2002)
A senior Chinese official said in Beijing Wednesday that foreign
trade and economic cooperation have become an important component
of the Chinese economy.
Chinese Minister of Foreign Trade and Economic Cooperation Shi
Guangsheng told a press conference on the sidelines of the ongoing
16th National Congress of the Communist Party of China that the
proportion of exports in China's gross domestic product had increased
to 23 percent in 2001 from 11.8 percent in 1989, five percentage
points more than the world average.
Actual overseas capital accounted for 11 percent of all investments
in fixed assets across the country in 2001, and industrial added
value of the overseas-funded enterprises made up 24.6 percent of
the nation's total, he said.
Foreign trade and economic cooperation, Shi said, has helped accelerate
economic restructuring and increase economic efficiency in the country.
By cooperating with overseas firms or absorbing advanced technology
and managerial expertise from abroad, he said, China has had traditional
industries like textiles and home appliances upgraded, while fostering
new and high-tech industries.
Shi said that exports and imports contributed 16 percent of China's
tax revenues last year and more than 70 million people are engaged
in foreign trade and economic cooperation.
The development of the sector has also helped improve China's balance
of payments, pushing its foreign exchange reserves up to US$258.6
billion by the end of September 2002 from US$5.5 billion at the
end of 1989, ranking second in the world, Shi added.
(Xinhua)
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