China's foreign trade is moving in a more balanced and coordinated way, and the proportion of trade surplus in the country's GDP will continue to decline, said Vice Commerce Minister Jiang Yaoping said at the press conference for the 13th China Hi-Tech Fair held in Beijing on May 3.
Customs data showed China had a $1.02 billion trade deficit in the first quarter—the country's first quarterly trade deficit in six years—due to rising commodity prices and robust domestic demand, which pushed up the value of imports.
Despite this, the trade picture for the year remains complicated. Trade surplus is expected to continue this year, but it will take up a smaller share of the GDP, said Jiang.
Jiang also said the Chinese Government would continue to encourage imports of hi-tech products amid the nation's economic restructuring drive.
Over the past 10 years, hi-tech imports and exports increased from $110.56 billion in 2001 to $905.08 billion last year. |