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China's president promises to increase trade imports | China's president promises to increase trade imports |
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China's President Hu Jintao has promised to increase imports, in an effort to boost global trade. | 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 "imports may exceed $8 trillion (£5.1tn) over the next five years". | |
Last year, China bought only $1.39tn worth of products from overseas. | 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. | Global trade has slowed this year as business with Europe, China's largest business partner, moderated. |
Customs data from Saturday showed the country's exports rose by 14% in November, while imports rose by 22%. | Customs data from Saturday showed the country's exports rose by 14% in November, while imports rose by 22%. |
Balancing trade | Balancing trade |
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. | 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. | 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 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." | "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. | China's trade surplus, a persistent source of tension with its trading partners, narrowed to $14.5bn last month, from $17bn in October. |