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GUANGZHOU, April 18 (Xinhua) -- A research report of China's foreign trade sector Sunday predicted the world's largest exporter would more than double its foreign trade volume by 2020.It also called on China to improve the quality of foreign trade sector and to lower import tariffs to promote the nation's trade balance.The report, launched by the Ministry of Commerce (MOC) Sunday at the ongoing 107th China Import and Export Fair, the country's largest trade fair held in the southern city of Guangzhou, predicted the China's foreign trade volume would hit 5.3 trillion U.S. dollars by 2020.Merchandise exports will top other countries and be 2.4 trillion U.S. dollars in 2020, 10.1 percent of the world total, while imports will reach 1.9 trillion U.S. dollars and rank second largest, accounting for 8.2 percent of the world total, according to the report, jointly compiled by researchers with think-tanks under the MOC, the Ministry of Finance, and the Chinese Academy of Social Sciences.The report was seen by analysts and officials as a "road map" which lays out a theoretical basis for the reforms in China's trade policies and mechanisms over the next decade.The transformation of the foreign trade growth pattern has become an urgent requirement for China in the post-crisis era, said Vice Minister of Commerce Zhong Shan.Weighed on by the global downturn, China's foreign trade contracted to a three-decade low in 2009, with total volume down 13.9 percent year on year to 2.2 trillion U.S. dollars.Huo Jianguo, director of the Chinese Academy of International Trade and Economic Cooperation (CAITEC) under the MOC, said the financial crisis has revealed a series of substantial problems hidden behind rosy figures, as the nation's foreign trade has been expanded in an ineffective and imbalanced way, or at the cost of environment pollution.Analysts said the downturn had prompted China to adjust its exports structure, and shift focus on high-end manufacturing, energy-saving and environment-friendly industries and developing modern service industries.Li Gang, a research fellow with the CAITEC and leading writer of the report, said the global downturn has phased out a number of backward and less competitive enterprises while offering great opportunities for innovative enterprises to improve growth structure and strengthen their anti-risk capabilities.Although China reported a a deficit of 7.24 billion U.S. dollars in March, the first time over the past six years, analysts suggested decision makers to further expand imports by lowering tariffs, as a way to ease the nation's trade imbalance.Zhang Peng, a researcher with the Chinese Academy of Social Sciences, said China should increase imports of high-tech equipments, energy and resource products, and some agriculture and consumption goods in an attempt to address the trade imbalance.The nation's trade surplus has reached 1.3 trillion U.S. dollars over the last three decades, with foreign exchange reserves hitting 2.45 trillion U.S. dollars by the end of March, according to Zhang.Propping up world's economy recovery, China's foreign trade began to grow again in the first quarter, jumping 44.1 percent to 617.85 billion U.S. dollars, according to customs data.China would consolidate its position as a big trade power and make efforts to develop into a strong trader, and it would play a more active role in international trade arena, according to Zhong Shan.

BEIJING, June 1 (Xinhua) -- China has promising growth prospects and should not be blamed for world imbalances, says Danny Quah, a renowned British economist."Emergency financing that was placed in the Chinese economy to counter the downturn from the 2008 global financial crisis was the right thing...The imbalances is a global problem, not a China problem," said Quah, a professor at the London School of Economics and Political Science.China did the right thing in infusing its economy with fiscal stimulus, Quah said in a recent interview with Xinhua.He also declined to describe the ballooning real estate prices as a bubble, pointing out "the strong fundamentals" of China's economy.He said the expansion of China's housing construction will be proved useful eventually, given the fact that "China is still engaging in the task of moving hundreds of millions of people from rural areas to urban China to continue to power its manufacturing and industrial progress.""So I would not describe it as a collapse of real estate bubble, we can look forward to a rationalization of housing and real estate prices," Quah said. "The improvement and expansion of housing stock will play an important role in continuing to move the Chinese economy forward.""I think Chinese fundamentals will continue to be strong. And a little bit of high inflation, as long as it doesn't break out into some kind of runaway high inflation, is probably no bad thing," he said. "We will get it under control again as the Chinese government did previously."On allegations that China deliberately keeps its currency RMB weak to obtain unfair advantages in trade with countries like the United States, Quah said people who draw such a false conclusion are misguided."The United States is running a trade deficit not just against China. It is running a trade deficit against almost 100 other countries," he said. "China is not unique in how it is exporting more to the United States than it's importing."The U.S. government was beginning to run a large trade deficit long before China's trade surpluses started grow, he added."If you take the ratio of China's bilateral trade surplus against the U.S. as a fraction of the U.S.' overall bilateral trade deficit against all of the countries, it has remained constant over the last 15, 20 years," Quah said.

UNITED NATIONS, April 14 (Xinhua) -- Representatives from UN Security Council members and other countries on Wednesday sent their deep condolences to the Chinese government and people for a strong earthquake that hit the northwestern part of the country and killed at least 589 people.The diplomats from nearly 40 countries and the European Union offered their condolences to China when they were taking the floor at an open Council debate on the situation in the Middle East, which kicked off here Wednesday morning. The representatives were from the only countries which inscribed to speak at the open debate.Representatives from Austria, Bosnia, Brazil, Britain, France, Gabon, Japan, Lebanon, Nigeria, Russia and the United States offered their condolences to the Chinese delegation for the 7.1-magnitude earthquake, which struck northwest China's Qinghai Province early Wednesday.Condolences were also from such countries as Afghanistan, Argentina, Botswana, Cuba, Egypt, Iran, Kenya, Kuwait, Nicaragua, Pakistan, Sri Lanka, Syria, Tunisia and Venezuela.Earlier, UN Secretary-General Ban Ki-moon and president of the UN General Assembly Ali Treki also sent their deep condolences to China over the strong earthquake.At least 589 people have reportedly died and 10,000 others were injured in the wake of the deadly earthquake, local authorities said.

CHICAGO, May 15 (Xinhua) -- Highly effective investment in infrastructure by the Chinese government and the urbanization process in China will ensure the continuous rapid growth of the Chinese economy in the next 20 years, said a distinguished economist on Saturday.Justin Yifu Lin, chief economist and senior vice president of the World Bank, made the statement during the "China and the Future of the Global Economy" conference held at the University of Chicago.Lin was very positive about the Chinese government's efficiency in infrastructure investment.During the Southeast Asian financial crisis last century, the Chinese government solved the economic development bottleneck by investing in infrastructure. It laid a solid foundation for the development of an export-oriented Chinese economy, he said."Since the financial crisis in the second half of 2008, the Chinese government implemented a dynamic financial policy and heavily invested in infrastructure. It successfully drove China's economic growth and contributed to the global economic growth as well."Most developing countries are facing the economic bottleneck of a backward infrastructure. The Chinese government has set a good example for other developing countries with its highly efficient investment in infrastructure. The World Bank may consider providing more loans to developing countries to help them invest in infrastructure, he continued.Lin said China's future economic development has greater potential compared with other major economies.

BEIJING, May 12 (Xinhua) -- The United States wants to work with China to expand the global economy and promote the development of the green economy, said a U.S. Commerce Department official Wednesday in Beijing.Cameron Kerry, General Counsel of the U.S. Department of Commerce, said at a news briefing at the U.S. embassy that the two countries faced an important time in their relations."My visit here this week is an appetizer in the banquet of events between the U.S. and China."According to U.S. Commerce Department, Commerce Secretary Gary Locke will lead the first cabinet-level trade delegation to China next week to promote exports of leading technologies as part of President Barack Obama's state export plan to increase U.S. employment.The department said the mission was intended to promote exports of leading U.S. technologies related to clean energy, energy efficiency, and electric energy storage, transmission and distribution.The two sides would also exchange views on issues such as trade and the investment environment, innovation and the protection and enforcement of intellectual property rights, said Kerry.Locke will also attend the economic track dialogue of the second round of Sino-U.S. strategic and economic dialogue in Beijing in late May.Twenty-four U.S. companies will join Locke for the China leg of the trade mission. The delegation will stop in Hong Kong, Shanghai, Beijing, and Jakarta.