China targets 10% growth of foreign trade in 2011

BEIJING -- China has set targets of 10 percent growth both in foreign trade and non-financial overseas direct investment in 2011, a senior commerce official said Wednesday.

Huo Jianguo, president of the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce, made the remarks at a national commerce work conference.

Commerce Minister Chen Deming told the conference that China will promote the steady growth in exports in 2011, keep foreign trade policy basically stable, and explore emerging markets while restricting the export of high polluting, high energy-consuming and resource-consuming products.

The country will also increase imports next year, simplify import procedures and promote balanced trade, Chen said.

Further, China will increase imports of advanced equipment and key components to assist with the transformation of the economic development pattern and industrial upgrading.

Chen added that China will expand import channels of bulk commodities including grain and sugar to ease domestic supply shortages.

The Ministry of Commerce forecast China's 2010 foreign trade might grow more than 30 percent year on year to $2.9 trillion.