| Foreign Economic Relations of China |
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| Sunday,March 22,2009 Posted: 18:44 BJT(44 GMT) |
| From:Mofcom Article type:Reproduced |
The total value of imports and exports in 2007 reached $2.1738 billion, up 23.5 percent over the previous year. Of the total, the value of exports was $1.218 trillion, up 25.7 percent, and the value of imports was $955.8 billion, up 20.8 percent. China had a trade surplus of $262.2 billion, an increase of $84.7 billion over the previous year.
China issued a series of measures to adjust the structure of imports and exports in 2007. As a result of the macro regulation efforts, growth of exports decreased and growth of imports increased. The growth rate of exports in 2007 dropped 1.5 percentage points year on year. The growth rate of imports increased 0.9 percentage points year on year. Beginning from the last quarter of 2007, the growth rate of China’s imports accelerated, especially that of primary products. Hence, the growth rate of trade surplus dropped from 69.4 percent at the end of the third quarter of 2007 to 47.7 percent at the end of the year.
The structure of China’s foreign trade was optimized in 2007. The proportion of general trade rose and approached to that of processing trade. The imports and exports of general trade totaled $967.22 billion, up 29.1 percent year on year, 5.6 percentage points higher than the growth rate of China’s overall imports and exports, and accounting for 44.5 percent of the total value of imports and exports in the year, up 1.9 percentage points year on year. As the Chinese Government intensified efforts to adjust policies toward processing trade, the growth of processing trade slowed down. The imports and exports of processing trade in 2007 totaled $986.05 billion, up 18.5 percent year on year, 5 percentage points lower than the growth rate of China’s overall imports and exports, and accounting for 45.4 percent of the total value of imports and exports in 2007, an decrease of 1.8 percentage points comparing with the previous year.
In 2007, the EU’s status as China’s top trading partner was fortified. Bilateral trade volume totaled $356.15 billion, up 27 percent year on year, 12 percentage points and 13.1 percentage points higher than the growth rates of China-U.S. trade and China-Japan trade, respectively.
The year 2007 witnessed the establishment of 37,871 enterprises with foreign direct investment in non-financial sectors, down 8.7 percent year on year; and paid-in foreign capital reached $74.8 billion, up 13.6 percent. Of the total paid-in foreign capital, the manufacturing sector accounted for 54.7 percent; the real estate sector, 22.9 percent; leasing and business service, 5.4 percent; wholesale and retail trade, 3.6 percent; and transportation, warehousing and post service, 2.7 percent.
In 2007, the overseas direct investment (non-financial sectors) by Chinese enterprises was $18.7 billion, up 6.2 percent over the previous year.
The accomplished business revenues through contracted overseas engineering projects were $40.6 billion, up 35.3 percent, and the business revenues through overseas labor contracts were $6.8 billion, up 26 percent over the previous year.
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Bilateral Visits
