China's foreign trade hits $ 3 tn

Nov 04, 2011 12:00 AM

China has become the world's largest exporter and second-largest importer. China's General Administration of Customs (GAC) has announced that the country's trade volume has exceeded $ 3 tn despite the global economic meltdown.
Chinese imports and exports hit a record high of more than $ 3 tn in the first ten months of 2011, GAC said, citing preliminary calculations.

According to the statistics, the country's foreign trade reached $ 322.56 bn from October 1 to November 2 of this year, indicating a 31.76-% increase compared with that of last October.
China has become the world's largest exporter and second-largest importer. Its foreign trade volume surpassed $ 1 tn in 2004 and hit $ 2 tn in 2007. In the first three quarters of this year, the country's GDP grew 9.4 % from a year earlier, and foreign trade rose 24.6 % year-on-year to $ 2.67 tn.

Earlier in October, the International Monetary Fund (IMF) presented an interim assessment of the Chinese economy, painting a rosy picture of the country's outlook despite the global stagnant growth.
“Even though global growth will be slower this year and next year than it was in 2010, China will continue to be a bright spot," Chief Rep. of IMF in China Murteza Syed told.

China's domestic demand has become more of a driving force for the country's economic growth thanks to rising wages, a healthy job market, and increased government spending on health and social security.
Even after adjusting its forecast for China downwards by half a percentage point, the IMF still expects the economy to expand by 9 % in 2012. China's increase in domestic product should account for a full quarter of total global growth.

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