Trade in services set to boom by 2010
(China Daily)
Updated: 2006-10-12 09:29
China posted a record trade surplus of US$94.66 billion in the first eight
months of the year.
Acknowledging the problems resulting from the current trade imbalance, the
central government has pledged to correct it by slowing down export growth in
labour and energy-intensive products and restricting processing trade exports.
Meanwhile, the authorities are keen to attract more foreign direct investment
between 2006 and 2010, with foreign investment's efficiency improved and its
innovative capacity boosted.
"Foreign investors are expected to invest more in key sectors such as
infrastructure, agriculture, technology and services. Central, western and
northeastern China are expected to attract more foreign investment in the next
five years," the plan said.
The ministry also set a target of US$60 billion for outbound investment over
the period.
China's total outward investment currently accounts for just 0.59 per cent of
the global total.
During the next five years the government will support domestic enterprises
in setting up factories and plants in foreign markets by establishing some
overseas "economic and trade co-operation zones" with complete infrastructure
and industrial chains.
"Enterprises are encouraged to build research and development centres and
invest in technology-intensive countries and regions," the official said.
Meanwhile, the target for the country's retail sales is around 11 per cent
annual growth over the next five years, to level off with the growth rate in the
10th Five-Year Plan (2001-05) period.
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