China is forecasting that the value of its foreign trade will surpass US$2.9 trillion in 2010, making it very likely that China will become the world's largest exporter and the second largest importer by the end of the year due to strong growth in exports and imports, according to Minister of Commerce Chen Deming.
In an interview with Xinhua, Mr Chen said China's retail sales of consumer goods this year will exceed CNY15 trillion (US$2.25 trillion), of which CNY450 billion (US$67.53 billion) will be spent via online shopping.
In the first 11 months of the year China's foreign trade surged 36.3 per cent year on year to US$2.677 trillion, according to the latest customs figures.
Retail sales from January to November hit CNY13.92 trillion (US$2.1 trillion), representing an increase of 18.4 per cent compared to the same period last year.
With regard to China's 12th Five-year Plan which covers the period from 2011-2015, Mr Chen said the ministry would aim to make its trade and international payments more balanced, in order to create a better investment environment to attract high-end international capital.
He was cited as saying the next five years would be a crucial period for Chinese enterprises to invest overseas.
"The country encourages competitive enterprises to go global with efficient risk-control measures," he said. "We will give them more public service and more effective legal protection in this regard."
Mr Chen said China's outbound direct investments in non-financial sectors are expected to top US$50 billion this year. "I estimate the proportion will be much higher in the future," he said.
To spur the use of clean and fuel-efficient cars, Beijing reduced the car-buying tax and has been handing out vehicle trade-in subsidies since 2009. Such measures are due to expire by the end of this year.
But the report said the ministry would continue offering vehicle trade-in subsidies for the sake of environmental protection rather than focus on just boosting auto sales, he said.
In an interview with Xinhua, Mr Chen said China's retail sales of consumer goods this year will exceed CNY15 trillion (US$2.25 trillion), of which CNY450 billion (US$67.53 billion) will be spent via online shopping.
In the first 11 months of the year China's foreign trade surged 36.3 per cent year on year to US$2.677 trillion, according to the latest customs figures.
Retail sales from January to November hit CNY13.92 trillion (US$2.1 trillion), representing an increase of 18.4 per cent compared to the same period last year.
With regard to China's 12th Five-year Plan which covers the period from 2011-2015, Mr Chen said the ministry would aim to make its trade and international payments more balanced, in order to create a better investment environment to attract high-end international capital.
He was cited as saying the next five years would be a crucial period for Chinese enterprises to invest overseas.
"The country encourages competitive enterprises to go global with efficient risk-control measures," he said. "We will give them more public service and more effective legal protection in this regard."
Mr Chen said China's outbound direct investments in non-financial sectors are expected to top US$50 billion this year. "I estimate the proportion will be much higher in the future," he said.
To spur the use of clean and fuel-efficient cars, Beijing reduced the car-buying tax and has been handing out vehicle trade-in subsidies since 2009. Such measures are due to expire by the end of this year.
But the report said the ministry would continue offering vehicle trade-in subsidies for the sake of environmental protection rather than focus on just boosting auto sales, he said.