China issues 1st white paper on foreign trade

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China issues first white paper on foreign trade.[Photo/China.org.cn]

The Chinese government Wednesday issued its first-ever white paper on foreign trade, highlighting the country's achievements in boosting foreign trade and its contribution to the global economy.

China's foreign trade has made remarkable progress in recent years. Trade volume registered an average annual growth rate of 16.8 percent in the years from 1978 when China started the opening-up policy to 2010 when the trade value reached 2.97 trillion U.S. dollars, 144 times as much as in 1978, according to the White Paper, released by the State Council Information Office.

In the two consecutive years up to the end of 2010, the country was the world's largest exporter and second-largest importer, said the white paper.

The country saw an increasing number of trading partners and gradually formed a diversified import and export market.

The white paper noted that China's foreign trade development has not only "greatly pushed forward the country's modernization drive", but also brought benefits to the world as multinationals grew rapidly through investing in China.

China has honored its WTO commitments over the past decade by expanding market access, accelerating trade and investment facilitation and liberalization, reducing trade barriers and administrative interventions and deepening reforms of its foreign trade system, the paper said.

The white paper introduces China's historic progress, international contribution and policies in foreign trade.

(Xinhua contributed to the story)