China to overtake Germany as second largest trading nation

23 November 2005

Beijing, 23 Nov – China’s deputy Trade Minister, Gao Hucheng, said Monday in Beijing that China may overtake Germany to become the world’s second largest trading nation if external trade maintains a growth rate of 15% per year.

Speaking a the University of Beijing, Gao also predicted that China could overtake the United States and become the world’s largest trading nation around 2015 or 2020.

The deputy minister added that China is the world’s largest producer of 172 types of goods, with tractor manufacturing accounting for 80% of the world’s total and clocks and radio cassette players accounting for 60% of world production.

According to Gao, China’s GDP will reach 15 trillion yuan (USD 1.8 trillion) this year, which will put the country in sixth place in the world ranking. At the end of the year cash reserves should total USD 800 billion.

The most recent ministry report states that China’s external trade will total over USD 1.4 trillion this year, an annual increase of 2’0%, with exports growing 26% and imports 18%. (macauhub)