China is confident of achieving 7.5 percent foreign trade growth target in 2014, said Commerce Minister Gao Hucheng on Friday.

Gao said China has yet to become a strong trading power as most of its foreign trade products are low value-added and the country has yet to foster more independent brands.

China accounts for 12 percent of global trade volume and is now the largest trading partner of 120 countries, he said.

China needs to speed up industrial restructuring, Gao added.

China, Australia keen on FTA

China is looking forward to starting a new round of formal negotiations with Australia over the free-trade agreement, said Gao.

Both countries are willing to make efforts to seek resolutions on key issues and then form a comprehensive free-trade deal as soon as possible, he said.

China will hold talks on FTA when an Australian official pays a visit to China, he added.

Entry of agriculture goods into the Chinese market is the top concern of the Australian government, while restrictions on Chinese companies planning to invest in Australia and movement of people are top priorities of the Chinese side,according to him.

Gao told reporters that when the new Australian government was set up in November last year, it said it hoped to close the free-trade agreement with China within one year.

Top 10 figures in 2014 govt work report

Experts: GDP growth target reasonable