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| Imports predicted to reach US$1 trillion in 3 years |
| CCTV.COM 2003-07-25 15:07:58 |
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China's Minister of Commerce Lu Fuyuan has predicted China will import one trillion US dollars worth of goods in the next three years and become the world's second largest purchaser in 20 years. Lu Fuyuan made the forecast Thursday at the closing press conference of the fifth Asia－Europe Economic Minister's Meeting.
The China's commerce minister cited a series of figures to support his claims: China imported one trillion US dollars in the six years from 1996 to 2001. However, it only took five years for China to reach the one－trillion－US－dollar benchmark from 1998 to 2002. Imports again posted strong figures in the first half this year, reaching 186 billion US dollars, or some 30 billion US dollars per month. This represents a growth of 44 percent year on year.
The minister predicted that China's imports will be 360 billion US dollars for the whole of 2003, and reach one trillion US dollars in only three years, according to the current growth rate.
More striking was Lu's announcement of a new government policy, in which China will encourage its firms to increase their imports from overseas. The minister said he was not at all worried about the faster－than－expected growth in imports in the first half of the year and the probable end－of－year trade deficit. He put this down to a natural result of rapid economic growth.
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Editor: Yang Feiyang CCTV.com
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