china\s president promises to increase trade imports
Last Updated : GMT 12:34:34
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China\'s president promises to increase trade imports

Arab Today, arab today

Arab Today, arab today China\'s president promises to increase trade imports

Beijing - Arabstoday

China\'s President Hu Jintao has promised to increase imports, in an effort to boost global trade.Speaking on the tenth anniversary of China\'s entry into the World Trade Organization, Mr Hu said annual imports would exceed $8tn (£5.1tn) in the next five years.Last year, China bought only $1.39tn worth of products from overseas.Global trade has slowed this year as business with Europe, China\'s largest business partner, moderated. Customs data from Saturday shows the country\'s exports rose by 14% in November, while imports rose by 22%.With anaemic economic expansion in Europe and America, there is even more pressure on China, the world\'s second-biggest economy, to boost consumption at home.Mr Hu said on Sunday that Beijing was serious about pursuing balance in its trade policy, adding that it would bring opportunities to countries around the world. \"We will view expansion of imports as an important way to change the development mode of foreign trade,\" he said at a speech at the Great Hall of the People.\"We will work hard to promote a balanced international balance of payments. We will not deliberately pursue a trade surplus.\"China\'s trade surplus, a persistent source of tension with its trading partners, narrowed to $14.5bn last month, from $17bn in October.

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