China is world’s third-largest trading power

7 December 2006

Beijing, China 07 Dec – In 2006 China has become the world’s third-largest trading power, after the United States and Germany, with exports of US$762 billion and imports of US$660 billion, officials said.

Statistics from the World Trade Organization (WTO) in November confirmed China’s role in the world economy through external trade, which is rising at a rate of 10 percent per year.

China’s role as an economic global power this year led other economies to demand that responsibilities and commitments made with the WTO be fulfilled, such as intellectual property rights.

In November, in Beijing, the European Trade Commissioner, Peter Mandelson asked the Chinese government for rapid action to bring an end to all pirated products.

Despite his appeals, Beijing reiterated that China was a developing country that continues to need large quantities of foreign investment, which in 2006 was over US$72.4 billion.

A recent study showed that 45 percent of multinationals preferred to invest in China, particularly near one of the country’s main cities. (macauhub)